Craig Allen, president of the US-China Business Council (USCBC), an American business lobbying group, said he was confident that China would keep its commitments under the phase one trade deal despite the coronavirus outbreak that hurts the country’s economy.
China made a promise to increase purchases of US manufactured goods, agricultural products, energy, and services by as much as $77 billion in 2020 and by $123 billion by 2021. Allen said that the epidemic would not change the term, and both governments are committed to meeting the deal. However, Allen added that the health crisis in China might affect the timeline of the agreement.
USCBC on Thursday said that its member companies including Walmart, Chubb, and FedEx had donated medical supplies and delivery services to help China combat the outbreak.
The group surveyed its member companies and found that 78% of respondents viewed the phase one trade deal as positive or somewhat positive. However, 51% of them said that it was too early to assess whether President Trump’s trade policy against China would outweigh the cost.