AUS
USA
UK
NZ
CA
FRA
GER
ESP
ITA
NLD
PRT
POL
SWE
GRC
IND
CHN
ZAF
RUS
BRA
UAE
Highlights
- Washington said Beijing showed no "real signs" to close the trade gap.
- The two-year purchase commitment expired at the end of last year.
- Responding to the US call, a Chinese foreign ministry spokesperson said the two sides should work together to resolve conflicts.
US officials on Monday renewed calls on China to fulfill its promises made in a trade pact with than Trump administration to buy US$200 billion worth of American goods, Reuters reported.
The officials asked China to take "concrete action" to meet the "Phase 1" trade obligations. China was supposed to meet the trade commitments in 2020 and 2021.
Washington said Beijing showed no "real signs" to close the trade gap. The two-year purchase commitment expired at the end of last year. China had pledged to increase purchases of US farm products, manufactured goods, and energy and services.
Responding to the US call, a Chinese foreign ministry spokesperson on Monday said the two sides should work together to resolve conflicts. The official stressed, "there are no winners from a trade war."
Former President Donald Trump had signed the agreement in January 2020, ending a nearly three-year-long trade war between the two largest economies.
Monday's remarks come a day before the US government releases bilateral trade data.
Also Read: Crypto firms launch coalition to crack down on market fraudsv
Source: Pixabay
Also Read: Top utility sector stocks of NYSE to watch
US, Japan reach deal on steel tariffs
In a separate development, the US and Japan on Monday announced reaching a deal to end steel tariffs imposed by former President Trump. The agreement will come into effect from April 1.
The US has decided to remove the 25% tariff for some steel products.
The US trade representative and senior officials of the Commerce Department said Japan has pledged to take "actions to fight against excess capacity and steel".
But the deal does not cover aluminum imports, which are still subject to a 10% tariff.
Commerce Secretary Gina Raimondo said the agreement would boost America's steel industry and ensure its competitiveness while providing more access to cheaper steel.
Steel tariffs have been a "major irritant" in the bilateral ties.
Monday's announcement will further help rebuild ties with America's allies and fight against China's unfair trade practices, she added.
In 2018, the Trump administration had imposed import tariffs on steel and aluminum from the EU and Asia, arguing that the foreign products were a threat to US national security.
