The U.S. government expects China to honor its commitments to buy more U.S. good...
WASHINGTON - The U.S. government expects China to honor its commitments to buy more U.S. goods under a trade deal signed by the world’s two largest economies in January despite the fast-spreading coronavirus outbreak, a senior U.S. official said on Thursday.
The U.S. Treasury official said it was too soon to make accurate forecasts for the impact of the virus on the global economy, but the base case scenario foresees China’s growth dropping in the first quarter and then rebounding sharply. The impact could be more significant if the outbreak worsens, said the official, who requested anonymity.
Asked if the outbreak would require changes to the Phase 1 trade deal with China, the official told reporters, “At this stage, we’re not expecting changes to implementation of Phase 1 ... We still expect them to meet their commitment, but it’s over a period of time.” U.S. Treasury Secretary Steven Mnuchin will discuss the economic impact of the epidemic with senior finance officials and central bankers from the world’s 20 largest economies in the Saudi capital of Riyadh this week.
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