China is increasing imports of U.S. oil ahead of an expected meeting between U.S. and Chinese trade officials to review compliance with the phase one trade deal (see 2008170022), Bloomberg reported Aug. 18. Up to 14 million barrels of U.S oil will be delivered to China next month, the report said, more than twice the volumes set for August. The oil shipments would fill seven “super-class tankers,” the report said. Earlier this month, a Reuters report noted that energy purchases by China were falling far short -- at only 5% of the targeted $25.3 billion in energy products -- of the agreed commitment through the first half of the year (see 2008040023).
U.S. and Chinese trade officials postponed a virtual meeting that was to be held on Saturday, Aug. 15, and was expected to include a review of the implementation of the phase one trade deal, an Aug. 14 Reuters report said. The meeting was delayed due to “scheduling conflicts” and to allow China more time to purchase U.S. goods, Reuters said. The two sides haven't set a new date, it said. The White House and the Office of the U.S. Trade Representative did not comment. A Chinese Foreign Ministry spokesperson declined to comment during an Aug. 17 news conference.
Taiwan wants to begin negotiations on a free trade deal with the U.S., Taiwan President Tsai Ing-wen said Aug. 12, in a speech for think tanks the Hudson Institute and the Center for American Progress. The president said a trade deal with the U.S. is among her priorities during her second term, saying it will help increase Taiwan’s supply chain security.
The U.S. and the United Kingdom completed a “positive” third round of trade negotiations, carried out over the past two weeks ended Aug. 7, and agreed to begin the fourth round next month, the U.K.’s Department for International Trade said in a notice Aug. 12. The negotiations included discussions on technical barriers to trade, rules of origin and trade remedies. U.K. Trade Secretary Liz Truss, in separate discussions, focused on U.S. retaliatory tariffs on U.K. products, including on Scotch whisky, the notice said. Truss said the tariffs are “unacceptable and continued to push for their immediate removal.” The Office of the U.S. Trade Representative did not immediately comment.
The United Kingdom and Japan made progress toward a free trade agreement during meetings last week and expect to finalize the deal’s details by the end of August. The two sides reached “consensus on major elements” of the deal, Elizabeth Truss, the U.K.’s trade secretary, said Aug. 7. Japanese Foreign Minister Toshimitsu Motegi said “a substantial agreement has been reached in most of the 24 chapters,” according to an unofficial translation of a transcript of an online press conference. Motegi said the negotiations have focused on e-commerce trade, rules of origin and other “market access issues,” adding that the two sides “agreed to aim for a general agreement by the end of August.” The two countries began negotiations June 9 (see 2006090025).
Australia's new digital trade agreement with Singapore represents the “most ambitious digital trade rules” Australia has ever negotiated, that government said in an Aug. 6 news release. The deal includes provisions on e-commerce and is expected to make it “easier for [Australian] exporters to do business,” Trade Minister Simon Birmingham said. Birmingham said the agreement will help Australian companies “reach more customers and further tap into the Singaporean market.” The deal will also decrease costs for Singapore companies exporting to Australia, Singapore said, adding it hopes to better connect the two countries’ national single windows, implement “e-verification” for imports and exports, and better share and verify electronic trade documents.
Chinese and South Korean officials met in Qingdao, China, Aug. 1 to discuss trade and economic relief measures to mitigate the impact of the COVID-19 pandemic, an Aug. 5 China Ministry of Commerce news release said. China said the two countries are “well-placed to restore and promote commercial exchanges” now that each country has seen success in controlling the virus. “There’s an urgent need to explore paths to restore and develop trade,” China said.
The U.S. is unlikely to get a free trade deal done with the United Kingdom before the election., U.S. Trade Representative Robert Lighthizer said in written responses to members of Congress. A top British diplomat said in June that was his country's goal (see 2006110044). “While it is possible that an agreement between the United States and the UK could be reached in the next few months, the likelihood of that is low,” Lighthizer wrote. “I am more focused on achieving a comprehensive agreement that delivers real benefits for American workers, farmers, and businesses, rather than achieving a quick deal. That said, our teams are working at an accelerated pace, and I am in regular discussions with UK Trade Minister Elizabeth Truss. We are moving quickly and efficiently, but I will not sacrifice our ambitions for speed.”
Democratic presidential candidate Joe Biden told the United Steelworkers trade union that a core part of his trade strategy “will be to enlist our international allies to collectively tackle unfair practices by China in order to ensure American steelworkers have good, plentiful union jobs. Trump has humiliated and infuriated our allies.”
The European Union during virtual trade talks July 28 asked China for more market access for exporters and expressed concerns about its “unjustified” inspections of EU agricultural goods. China recently introduced “new restrictions” on agricultural goods due to concerns about virus contamination (see 2006300012) that have led to more customs inspections, “controls and requests for certificates on EU exports of agricultural products,” the European Commission said July 28. The EU said its beef and poultry exporters are seeing delays and are “awaiting export authorisation.”