Do We Have a Trade Agreement with China
Do We Have a Trade Agreement with China?
The relationship between the United States and China has always been a topic of discussion. One of the more significant issues has been trade agreements. So, do we have a trade agreement with China? The answer is not that simple.
The United States and China have had a complicated trade relationship for many years. While the two countries have engaged in trade with each other, there has never been a formal trade agreement between them. In fact, the United States has been critical of how China conducts trade, and has imposed tariffs on Chinese goods in response to what it deems as unfair trade practices.
In 2018, the United States and China engaged in a trade dispute that resulted in tariffs being imposed on a vast array of goods. These tariffs were put in place to pressure China to change its trade practices and reduce the trade imbalance between the two countries. However, the dispute was resolved in January 2020, with the United States and China agreeing to a “phase one” trade deal.
Under the phase one deal, China agreed to purchase more American goods, including agricultural products, energy, and manufactured goods. The deal also addressed several other issues, including intellectual property protection, forced technology transfer, and currency manipulation.
While the phase one deal was seen as a win for both sides, it was not a formal trade agreement. It was a more limited agreement that addressed specific issues. The United States has expressed its desire to negotiate a more comprehensive trade agreement with China in the future, but nothing has been finalized yet.
So, to sum up, while the United States and China do engage in trade with each other, there is not a formal trade agreement between the two countries. The phase one deal was a step in the right direction, but it was a limited agreement that addressed specific issues. The hope is that a more comprehensive trade agreement can be negotiated in the future, which will benefit both countries and improve their trade relationship.