China Proposes Plan to Address US Tariffs, Restore Phase 1 Trade Deal

China's Proposal to Address US Tariffs

China has proposed a plan to address the tariffs imposed by the US administration under President Donald Trump. The plan focuses on restoring the "Phase 1" trade deal signed in 2020 during Trump's first term.

Restoring the Phase 1 trade deal: This deal required China to increase purchases of US exports by $200 billion over two years. However, China failed to meet these targets due to the COVID-19 pandemic.

This would help to ensure a level playing field for US businesses.

This would boost the US economy and create jobs.

This would help to address the opioid crisis in the US.

China has denounced the imposition of tariffs on its imports and pushed back on fentanyl accusations. However, they have left the door open for talks with the US to avoid a deepening conflict.

Canada, a long-time ally of the US, has imposed retaliatory tariffs on US goods in response to the tariffs imposed by Trump.

The Journal report also suggests that China plans to treat TikTok largely as a "commercial matter," meaning it would let investors in Chinese owner ByteDance negotiate a deal with interested bidders in the US. Trump has previously expressed interest in seeing a bidding war over the app.