US still probing China compliance with Phase One trade deal
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The U.S. is continuing its investigation into China's compliance with the Phase One trade deal, despite recent progress in U.S.-China talks and upcoming agreements following the Trump-Xi summit in South Korea.
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Jamieson Greer, President Donald Trump's nominee to be US representative with the rank of ambassador appears before the Senate Committee on Finance for his pending confirmation on February 6, 2025.(AP)
The United States is continuing its investigation into China’s compliance with the “Phase One Agreement” trade deal signed in 2020, U.S. Trade Representative Jamieson Greer confirmed.
Last week, the Office of the U.S. Trade Representative (USTR) launched a formal probe into alleged violations by China of key provisions within the agreement.
"You know me too well. We didn't solve every problem in the U.S.-China relationship today," Greer told Fox Business, when asked about the status of the ongoing investigation.
The update comes just days after U.S. President Donald Trump described his meeting with Chinese President Xi Jinping in South Korea as “amazing,” stating it had led to an “outstanding group of decisions.”
Following the summit, President Xi reiterated that trade and economic cooperation should remain the foundation of China-U.S. relations, not a point of conflict.
Meanwhile, U.S. Treasury Secretary Scott Bessent said the updated trade deal between the two countries has been finalized and may be signed as early as next week.
As part of the new agreement:
- China will pause its restrictive export measures on rare earth elements for one year.'
- The United States will temporarily suspend its rule penalizing entities with 50% or more Chinese state ownership.
The Phase One Agreement, initially signed under the Trump administration in 2020, aimed to ease trade tensions between the world’s two largest economies by addressing structural barriers, intellectual property protections, and purchase commitments.
