President Trump recently said on Twitter that he'll be heading to Beijing to begin talks on Phase Two of an agreement, but a spokesperson for China's Ministry of Commerce didn't provide any additional details on potential talks. I think some people have questioned whether they can produce it. Politico says trade analysts point out that could make it extremely hard for Beijing to meet USA demands.
"US treasury secretary Steven Mnuchin said over the weekend that an English-language version of the agreement will be released this week", Deutsche Bank's Jim Reid, Craig Nicol, and Henry Allen wrote in a note sent to clients on Monday.
Some skeptics also question whether the Phase One deal can stick, partly due to the massive increase in USA agricultural imports China would have to make as part of the terms that Washington says is part of the deal.
"It is $200 billion of additional products across the board over the next two years, and, specifically, in agriculture, $40 billion to $50 billion", Mnuchin told ABC News.
Wall Street futures had stocks opening higher on Monday as market participants awaited the signing of the USA and China's "phase one" trade deal later in the week.
Under the terms of the accord, Beijing will increase imports from the U.S.in exchange for the suspension of the December tariffs on Chinese imports to the US and a partial rollback of some existing tariffs. So let me just be clear.
But while the Phase One accord "stops the bleeding", he said.
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"But we have incorporated provisions in phase one that we think are important protections for United States companies".
The two sides have been embroiled in a trade war for well over a year, with the use of import tariffs by both sides upending global supply chains and dealing a blow to business confidence.
Last year, the USA imposed tariff hikes of up to 25% on $250 billion of Chinese goods.
China is now America's largest goods trading partner with Dollars 635.4 billion in total (two way) goods trade during 2017.
But the United States has left in place tariffs on $370-billion worth of Chinese imports and negotiations for a Phase Two deal will probably touch on more hard issues, including Chinese subsidies for state-owned firms and industrial policies perceived to be creating an uneven playing field.
Trade in services with China (exports and imports) totalled an estimated Dollars 75 billion in 2017. The U.S. services trade surplus with China was $40.2 billion in 2017.