In recent years, the trade relationship between China and the United States has undergone a series of changes. With the rise of protectionism, the two countries have been battling over tariffs and market access, leading to a trade war that has affected industries on both sides. However, the two nations have continued to negotiate and sign trade agreements that have provided some relief to the ongoing trade tension.
One of the most significant trade agreements between the two countries is the Phase One trade deal signed in January 2020. This deal sought to address several issues that have been at the center of the trade conflict between the two nations, including intellectual property theft and tariffs. Under the agreement, China pledged to increase its purchase of American goods and services by $200 billion over two years, including $50 billion in agricultural goods. In return, the U.S. agreed to reduce tariffs on Chinese goods and suspend planned tariffs. While the agreement provided some immediate relief, its long-term impact remains to be seen.
Another trade agreement between the two countries is the U.S.-China Bilateral Investment Treaty (BIT). Negotiations for the BIT began in 2008 and aimed to address concerns over market access and investment restrictions. The treaty would have provided American companies with greater access to the Chinese market and protected American investors in China. However, negotiations stalled, and the treaty was ultimately never signed.
In recent months, the two countries have continued to hold discussions on a potential trade deal, but progress has been slow. The COVID-19 pandemic has only added to the challenges faced by both nations, with the virus affecting supply chains and trade flows. Nevertheless, both sides have expressed interest in finding a way to reduce tensions and improve economic ties.
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