Logo of Phnom Penh Post newspaper Phnom Penh Post - US-China trade deal




US-China trade deal

Content image - Phnom Penh Post
Vice-Premier Liu He and United States President Donald Trump shake hands after signing the China-US phaseone trade deal at the White House on Wednesday. Xinhua/China Daily/ANN

US-China trade deal

There have been a few twists and turns along the way, but China and the US finally called a halt to their trade war on Wednesday, demonstrating that as long as they abide by the principles of equality and mutual respect, they can engage with one another amicably and productively.

With the signing of the deal, it is now to be hoped that the detente leads to lasting peace.

The two negotiating teams have worked diligently to make the deal happen, and it is undoubtedly a major and welcome achievement, as shown by the general euphoria that greeted the news that the two sides were to put pen to paper.

However, that elation was quickly tempered by suspicions that it would not take much to banjax the deal, and the sobering realisation that if that happened, it would not only stymie the next phase of negotiations, it would also have the two sides facing off again with tariffs drawn.

They have tried to guard against this possibility, by devoting a considerable part of the text of the deal to its enforcement and a mechanism to resolve any disputes that may arise over what has been agreed.

Hopefully, this foresight, which stands as testimony to the two sides’ willingness to accommodate each other’s concerns, will ensure the deal can withstand any tests of over time.

For, if well carried out, the deal will be favourably consequential for both countries, as it will let them tap the complementarity of their economies. The upgrading of industry and consumption demand in China will provide the US with a huge market for not only its industrial, agricultural and energy products, but also its services.

And in line with its efforts to deepen reform to improve its business environment and further open its doors, China has pledged to strengthen its intellectual property rights protection and to open up its financial sector, which accompanied by the guarantee of strengthened supervision will attract more US companies and capital.

There are still differences to be resolved, but the phase one deal marks a small, but positive step toward realising the breadth and depth that Sino-US trade and economic cooperation could reach.

The two sides should build on this achievement by carrying forward the constructive momentum in their negotiations to come.

China’s stance is consistent and explicit: It is committed to cooperating with the US, and does not seek confrontation. That explains why, while firmly safeguarding its own development interests, it has engaged in the trade talks in good faith, with a willingness to realise win-win outcomes. It will continue to act on that stance to strive together with the US for their common interests and the global good.

China Daily/ANN

MOST VIEWED

  • All inbound flights set to face added scrutiny

    Ministry of Health spokesperson Or Vandine said on Monday that the ministry is monitoring all inbound flights, after it was announced that only those from Malaysia and Indonesia will be temporarily cancelled from August 1. Vandine said on Monday that the two countries were identified as

  • Flights from Indonesia, Malaysia cancelled

    A Ministry of Health official has warned of the possibility of Covid-19 spreading through community transmission after the total infected cases in the Kingdom rose to 225. Ministry spokeswoman Or Vandine told reporters on Saturday that the possibility of community transmission cannot be overlooked and that

  • Man in quarantine dies of ‘overdose’

    The Ministry of Health on Thursday said a Cambodian migrant worker who died while being isolated at a quarantine centre in Tbong Khmum province’s Kroch Chhmar district may have died from syncope or overdose of tablets. In a statement, the ministry said the 21-year-old

  • Ministry set to reopen 20 schools in August

    The Ministry of Education, Youth and Sport will allow 20 high-safety-standards schools to reopen next month despite new cases of Covid-19 in the country. Ministry spokesperson Ros Soveacha wrote in a Telegram message on Wednesday that the schools are in Phnom Penh, Siem Reap and Battambang.