The U.S. and China have agreed to go back to the negotiating table in the coming days to review the progress of their “phase one” trade deal, according to the Chinese commerce ministry.
Both sides will hold the “discussion over the phone,” the ministry said. It comes after talks scheduled for last Saturday were postponed due to a scheduling conflict.
The “phase one” trade deal, signed in January, paused a damaging trade war between the world’s two largest economies that involved retaliatory tariffs being slapped on billions of dollars worth of goods.
Among other things, the agreement committed China to buy at least $200 billion more in U.S. goods and services over two years on top of its purchases in 2017.
In the first six months of this year, China’s purchase of the agreed products totaled less than a quarter of the amount targeted for the whole of 2020, data compiled by think tank Peterson Institute for International Economics showed.
