Washington and Beijing began formal negotiations towards a bilateral investment treaty (BIT) in June 2008. A year later, the highly sensitive talks were halted until July 2013. The US is interested in getting Chinese restrictions on foreign ownership in about 100 sectors — from soybean oil and automobiles to life insurance and other financial services — lifted for US companies which want to expand their market presence there. The Chinese government is interested in getting more security for highly-scrutinised Chinese investments in the US and its massive holdings of US sovereign debt ($1.3 trillion).
In late 2013, China agreed to initiate talks on a possible BIT with the European Union as well.
Some farmers are skeptical with a tentative agreement easing trade restrictions with China, who’ve been pummeled by the trade war.
Neither side has released many specific details of the agreement, which the United States says is 86 pages.
The phase two agreement is to be digitally focused and could include a US-China bilateral trade agreement.
The United States has settled on final terms of a partial trade deal with China, several people familiar with the negotiations said.
Mexico is willing to allow panels with US and Mexican judges to resolve labor disputes at specific factories but rejected requests to allow international inspectors to enter Mexican factories.
The US and China are moving closer to agreeing on the amount of tariffs that would be rolled back.
Beijing’s top priority in any phase one trade deal with the United States is the removal of existing tariffs on Chinese goods.
China and the United States are “moving closer to agreeing” on a “phase one” trade deal, according to Communist Party’s official People’s Daily.
China said it will raise penalties on violations of intellectual property rights in an attempt to address one of the sticking points in trade talks with the US.
Trump has decided that rolling back existing tariffs, in addition to canceling a scheduled Dec. 15 imposition of tariffs on some $156 billion in Chinese consumer goods, requires deeper concessions from China.