China Urged to Increase U.S. Goods, Service Purchases
July 7, 2020—The U.S. Chamber of Commerce and over 40 trade associations yesterday urged Chinese officials to increase China's purchases of U.S. goods and services, reports Reuters.
According to the report, a letter was written to the U.S. Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer, and Chinese Vice Premier Liu He from the Chamber of Commerce and trade associations. The letter stated while they encouraged by the progress of the implementation of a Phase 1 trade agreement thus far, there needs to be a significant increase in China's purchases of U.S. goods and services, calling for an additional $200 billion in purchases of U.S. goods and services over the next two years.
The letter went on to say that combating the coronavirus pandemic and restoring global growth depended in part on a successful implementation of the U.S.-China trade deal.
The U.S. industry groups listed specific recommendations in an annex to the letter, including increased purchases of U.S. vehicles, aircraft and components, medical devices, as well as cloud services and U.S. energy products.