US improves trade deal with China – Economy –

“I think we see this phase 1 engagement as the first phase,” he said. But they have no desire to drag this first step “too long”.

A virtual meeting between US President Joe Biden and Chinese President Xi Jinping is scheduled for next week, given the growing tensions between the world’s two largest economies. Toy said the meeting was helpful and that understanding each other would benefit complex relationships. However, the commitment of heads of state and government is not necessary to expedite trade negotiations. “I do not want any of you in this room to think that we are not acquainted with our Chinese partners,” Toy said. “We talk, we work. So we don’t need ‘fathers’ to intervene,” he added, adding that Biden and G.

According to data released by the Peterson Institute for International Economics, China will reach only 60 percent of its targets by September 30, lagging behind in its commitments under the agreement. Toy said the U.S. government was investigating all the failures, including the failure to purchase Boeing planes. “If you see where the weaknesses may be in Phase 1, you should consider that we will talk about it and explore everything.”