US and China held talks over the trade deal’s phase-one on 24th August 2020, which was earlier expected on 15th August 2020. With the discussion on Monday, both the nations saw progress and made the commitments to the agreement in hand, as stated by a representative of the US trade.
The announcement came after the discussion between the Chinese Vice Premier Liu He, the US Trade Representative Robert Lighthizer, and the Treasury Secretary Steven Mnuchin.
Previously, due to several arguments, the discussion was delayed by Trump. He stated on one of his campaigns that he does not want to talk or discuss any deal with China right now.
According to the US trade representative, both the nations discussed all the intellectual properties’ rights and all the other major and minor issues that were crucial for the negotiations over the deal. They also discussed the steps that China came up with to design the structural changes for enhancing the protection for the property rights, removing the hindrances to the American MNC’s in financial and agricultural sectors, and finally eliminate the technology transfer that was previously forced.
Previously, 10 days back, both the nations called off the negotiations scheduled for implementing phase one of the trade deal. For the delay, no exact reasons were disclosed, but there have been some revelations stating that the same was to let Beijing live up to its part of the previous bargains and purchase more grains and commodities from the Americans.
With Trump heading towards the Republican National Convention’s week, hitting a deal with China on the issues standing long and wide would ensure a great headline and eventually help Trump to exhibit that his government managed to bring Beijing to the right conclusion. He also tightened the pressure on Chinese companies to exhibit his strictness and robust behavior with China. Opposing this, Joe Biden and his supporters claim that he will be mild on China, unlike Mr. Trump.
On the other hand, Beijing is closely watching all the scenarios being the central character and is strategizing mysteriously on several aspects. Chinese made a small statement mentioning that the two sides agreed with the conditions and made all the negotiations successfully to create an atmosphere for the trade deal’s great implementation.
However, amid all these, Beijing is under no such view of this anti-China chaos fading away anytime soon. Also, some Chinese companies stated that it hardly matters that who is holding the rights, whether it is Trump or Biden, the pressure over the Chinese firms will not stop.
This deal is an excellent co-operation sign exhibited by the two nations after the strained relationship increased due to several issues and vast chaos, including various matters of Hong Kong, COVID-19 pandemic, and data security.