USCBC Encouraged by Announcement of Phase One Agreement

WASHINGTON – December 13, 2019 - The US-China Business Council is pleased that US and Chinese negotiators have agreed on a phase one trade agreement and a suspension of the planned December 15 US tariff increase. We hope that with progress made on this initial set of issues, sufficient confidence will be restored to enable important structural issues to be addressed and resolved.

“This is an encouraging first phase that puts a floor under further deterioration of the bilateral relationship,” said USCBC President Craig Allen. “But this is just the beginning. The issues facing the US and China are complex and multi-faceted. They are unlikely to all be resolved quickly. Both sides must commit to developing a new paradigm and economic relationship that addresses the significant challenges and issues American businesses face in China today.”

Allen went further to note: “We urge both governments to build on this progress and expedite a phase two agreement on structural reforms. We’re pleased to see the agreement includes a built-in agenda with continued monitoring and enforcement mechanisms that provide a fact-based process for resolving non-compliance with commitments.”