Phase one trade deal implementation progressing: expert

China and the US have achieved progress in the implementation of their phase one trade deal, despite “lags” in certain imports that fell slightly behind schedule due to technical and supply issues on the US side on heels of the latter’s coronavirus outbreak.

The US Chamber of Commerce and over 40 trade associations urged top Chinese and US officials to redouble efforts to implement the phase one trade agreement, according to Reuters.

Industry insiders have expressed concerns over whether the US has the ability to ship agricultural products in quantity.

Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, told the Global Times Tuesday that China’s imports of certain US products, such as energy products, have been slightly “off” quarterly targets as barriers in transportation persist.

News website marketwatch.com shows that as of May, China’s energy purchases are running at 18 percent of the annual target. US exports data shows that China has purchased $2 billion in energy products from the US as of May, industry website hellenicshippingnews.com said.

Analysts stressed that China has the capacity and determination to fulfill the trade deal as it can speed up the process in the second half of the year. “The main difficulties in implementing the deal still lie with the US side,” Gao noted.

Under the phase one trade deal signed in January, Beijing pledged to buy at least $200 billion in additional US goods and services over two years, while Washington agreed to roll back tariffs on Chinese goods in stages.

Amid a troubled China-US relationship on the heels of Washington’s intervention in China’s domestic affairs over the implementation of the National Security Law for Hong Kong, Gao suggested the US not make further wrongdoings that may set back bilateral trade relations.

“As political tensions between Beijing and Washington ramps up, some Chinese private companies could also adopt a wait-and-see attitude, voluntarily delaying US imports and seek other alternatives,” Gao noted.

Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies, told the Global Times on Tuesday that the 40 American trade associations’ letter also sends an implicit message that the US wants China to expand imports from the US to provide a boost to flattening US economy.