Late yesterday, Treasury Secretary Steve Mnuchin, U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He spoke by videoconference to discuss Phase One of their bilateral trade deal. The talks had been delayed by a week, but according to fairly restrained statements from both sides, they were “constructive.” The fact that they occurred in the midst of worsening bilateral tensions was seen as positive. Global Times editorialized today that continuing U.S.-China economic ties are an important counter to the “geopolitical fanatics” who fan the flames of confrontation.
A statement issued by Lighthizer’s office emphasized that the three had discussed steps “that China has taken to effectuate structural changes called for by the agreement that will ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture and eliminate forced technology transfer.” They also discussed significant increases in Chinese purchases of U.S. products as well as “future actions” to implement the agreement. “Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” the statement concluded.
