US and China Exchange Contract Delivery Amid Coronavirus

Given the economic uncertainty of the COVID-19 pandemic, the US and China have continued to execute on their obligations under phase one trade pact.

The deal between the world’s two largest economies, which traded $559 billion last year, reduced trade friction in January and was projected to raise U.S. gross domestic product by at least half a percentage point and add a million employment. Given the virus-induced recession since then, farmers and business owners have stayed pace with their payoffs.

โ€œWhat we know right now with respect to the phase one agreement with China and what we’ve seen on behalf of the Chinese is they’ve taken meaningful steps to address some of the non-tariff barriers to trade that we had,โ€ John Newton, chief economist at the American Farm Bureau, told reporters on a conference call on Wednesday.

Don Writer

Oreoluwa fondly called Don Writer is writer and ProBlogger with a B.A degree in English. He's passion-driven and goal-oriented.

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