Craig Allen, president of the US-China Business Council, said his organization also welcomes Phase I. "The agreement opens up the financial services market to US entities," Mr. Allen said. "While it's a little bit tangential to the vehicle and vehicle parts market, it's important to selling vehicles in China." However, the auto industry is less happy with other aspects of the agreement, according to Mr. Allen. "One word that never appears in the text of the agreement is 'tariff,'" he said. "No wonder that auto parts executives are unhappy at that uncertainty."