Ahead of US-China High-Level Meeting... Kudlow Says "Satisfied with China's Purchasing Situation"

US's Lighthizer and China's Liu He to Evaluate Trade Agreement Implementation at High-Level Talks on the 15th

Larry Kudlow, Director of the National Economic Council at the White House
[Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] Larry Kudlow, Director of the White House National Economic Council, stated on the 13th (local time) that the Donald Trump administration is satisfied with China's purchase of U.S. goods to implement the Phase One U.S.-China trade agreement.

According to foreign media reports, Kudlow introduced remarks made by Robert Lighthizer, U.S. Trade Representative (USTR), who met with President Trump at the White House that day. He said, "China is importing our goods. This is important for American farmers."

Kudlow's remarks drew attention as they came ahead of the high-level meeting scheduled for the 15th, to be held via video conference, between USTR Lighthizer and Chinese Vice Premier Liu He to evaluate the implementation status of the trade agreement.

Kudlow emphasized that although there are disagreements with China on various issues, the Phase One trade agreement is progressing well. He explained, "We intend to carry out the plan and we are engaging with them," adding, "While there are significant differences with China on other issues, we are engaging with them on the Phase One trade agreement."

Kudlow noted that although the implementation rate of China's purchase of U.S. goods has fallen short of expectations due to the impact of the novel coronavirus disease (COVID-19), it is important to note that 40% of U.S. exports are headed to China.

The Phase One trade agreement signed by the U.S. and China last January stipulates that China will import $200 billion worth of U.S. goods over two years, including $77 billion this year. However, some have pointed out that the scale of China's imports is significantly below the initially promised amount, drawing attention to what kind of dialogue the two sides will have regarding this issue.