The head of an American business lobbying group said on Thursday he was confiden...
WASHINGTON - The head of an American business lobbying group said on Thursday he was confident that China will still meet its “Phase 1” trade deal commitments to massively increase purchases of U.S. goods and services despite the coronavirus crisis.
Craig Allen, president of the U.S.-China Business Council said that the business slowdown in China could affect the timing of purchases, but both governments were committed to meeting the targets. The group represents U.S. companies doing business in and with China. “The coronavirus doesn’t change any of that, though it might affect the timeline,” Allen told a news conference in Washington.
Under the trade deal, which officially takes effect on Saturday, China has pledged to increase U.S. goods purchases by $77 billion in 2020 and by $123 billion by 2021, compared to a baseline of U.S. imports from 2017, the year before the U.S.-China tariff war began.
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