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U.S.-China reaffirm trade deal quelling mounting tensions

Yahoo Finance's Jessica Smith weighs in on the latest discussion between the U.S. and China amid the back drop of intellectual property, Tiktok tensions.

Video Transcript

JULIE HYMAN: Moving on to another issue that we are watching, it has to do with the US-China trade deal, which may not be dead after all. The two sides reportedly reaffirmed their commitment to the accord. Jessica Smith has details on this. Jess.

JESSICA SMITH: Yeah, Julie, there has been some real concern over the future of the Phase 1 trade deal in recent months, as tensions between the US and China continue to rise. But yesterday after a phone call, officials from both countries said they'll keep pushing to implement that Phase 1 deal. Ambassador Robert Lighthizer, Treasury Secretary Stephen Mnuchin, and China's Vice Premier Liu He spoke yesterday.

They said that they keep pushing, again, keep pushing for that deal. That call was originally scheduled for August 15. But it was delayed. And that just added onto the concerns that we were hearing about this deal. President Trump had said at the time that he didn't want to talk to China. He didn't want to deal with them, as he continued to blast the government over its handling of the coronavirus.

But in a statement yesterday, the Office of the US Trade Rep said, "The parties addressed steps that China has taken to effectuate structural changes called for by the agreement that will ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer."

USTR also said that both sides talked about purchases of US goods. China has recently ramped up purchases of farm goods. But it is still behind on its commitments in this Phase 1 deal. Now, China did not release its statement going into as much detail. But the Foreign-- or the Commerce Ministry did say that there was a constructive dialogue. Julie.

JULIE HYMAN: Thanks, Jess, appreciate it.