Is There a Trade Agreement between Us and China
Is There a Trade Agreement Between US and China?
The trade relationship between the United States and China has been a topic of much discussion and controversy in recent years. In 2020, the COVID-19 pandemic and the US presidential election brought the issue to the forefront of the public`s attention. Many people are wondering, is there a trade agreement between the US and China? The short answer is, yes and no.
In January 2020, the US and China signed a trade agreement called the Phase One trade deal. This agreement was intended to reduce tensions between the two countries and to address some of the issues that had been causing friction in their trade relationship. The Phase One deal included provisions related to intellectual property, financial services, and agriculture, among others.
However, the Phase One agreement was just a partial resolution of the trade issues between the US and China. The two countries have been engaged in a broader trade war since 2018, with each side imposing tariffs on imports from the other. While the Phase One agreement did include some tariff reductions, many of the tariffs remained in place, and the broader dispute has not been fully resolved.
The trade tension between the two countries also extends beyond tariffs. The US has accused China of unfair trade practices, including the theft of intellectual property and forced technology transfer. China, on the other hand, has accused the US of using national security as an excuse to restrict Chinese companies` access to American markets.
The new Biden administration has signaled that it will take a different approach to US-China relations than the previous administration. President Biden has indicated that he will seek to work with China on issues such as climate change while also being tough on issues related to human rights and trade practices. It remains to be seen how this approach will impact the US-China trade relationship.
So, in conclusion, there is a trade agreement between the US and China, but it is just one part of a broader trade dispute. While the Phase One agreement included some provisions related to tariffs and trade practices, the two countries` broader dispute remains unresolved. With the new Biden administration, the future of the US-China trade relationship remains uncertain.
