International

US treasury secy, Chinese VP talk economic recovery

Moscow, Jun 2 (Sputnik): US Secretary of the Treasury Janet L Yellen held virtual talks with Chinese Vice Premier Liu He to discuss economic recovery and cooperation, the US Treasury said in a statement.

“Secretary Yellen discussed the Biden-Harris administration’s plans to support a continued strong economic recovery and the importance of cooperating on areas that are in US interests, while at the same time frankly tackling issues of concern,” the Treasury said.

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After months of negotiations, the US and China signed last year the first part of a trade agreement under which Washington retained tariffs of 25% on Chinese goods worth around $250 billion, as well as 7.5% on goods worth $120 billion.

The agreement states that China will purchase US industrial goods worth $75 billion as well as energy resources worth $50 billion, and agricultural products worth $40 billion. China will also have to spend an extra $35-40 billion in the next two years on services. Therefore, the US hopes to bring the imbalance in trade with China, which totalled hundreds of billions of dollars, to a “fair” amount.

According to Chinese customs, the trade between the US and China, despite the overdue trade war and the impact of the COVID-19 pandemic, grew by 8.3% in 2020 to $586 billion. In the first quarter of 2021, trade between the two countries increased by 73.1% compared to the same period last year and amounted to $165.72 billion.

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