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U.S., China Trade Reps Reaffirm Commitment to Trade Agreement

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A reaffirmation on the Phase 1 trade deal from U.S. and Chinese trade officials on Tuesday helped support the financial markets.

According to Reuters, a phone call between U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He was their first formal conversation since May.

“Both sides see progress and are committed to taking the steps necessary to ensure the success of the agreement,” said a statement from the USTR. “The parties also discussed the significant increases in purchases of U.S. products by China as well as future actions needed to implement the agreement.”

The call was originally supposed to be held on Aug. 15, marking six months since the deal was inked. President Trump said the conversation was postponed because he didn’t “want to deal with them now.”

The trade agreement has been thought to be on unstable territory because of strains on the U.S.-Chinese relationship over issues such as Hong Kong and the coronavirus.