A faltering US-China trade deal is now the nations' strongest link

WASHINGTON/BEIJING: Top U.S. and Chinese trade officials are expected to recommit to a Phase 1 trade deal during a review on Saturday, even though China's promised purchases of U.S. exports are far behind schedule.

"Being able to sit down and communicate with each other is a good thing," said a Chinese state think tank economist who has advised Beijing on the trade deal, while cautioning there was little optimism about further trade breakthroughs. Imports of farm goods have been lower than 2017 levels, far behind the 50per cent increase needed to meet the 2020 target of US$36.5 billion.

And even some Trump administration officials have been wary of reigniting a tariff war that would roil markets and likely knock down the S&P 500 , which traded close to record highs this week. Stephen Vaughn, former USTR general counsel and a legal architect of punitive tariffs on Chinese goods, said compliance with the deal also benefits China by keeping its U.S. relationship from deteriorating further. Now that its economy is recovering strongly from the coronavirus pandemic, Beijing has little excuse not to ramp up its purchases, he added.

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