However, foreign trade experts said they were not particularly surprised that China insisted on such a provision in the agreement. Unlike most trade pacts, which are reciprocal agreements to reduce or eliminate tariffs, the U.S.-China agreement is essentially a promise from China to buy a certain amount of U.S. products in exchange for a reduction in U.S. import tariffs. While Trump has examined China`s role in the spread of the virus, he and his top economic advisers have made optimistic forecasts for the U.S. economy and said the U.S. could quickly resume its business once the national pandemic dams have been lifted. The global pandemic has collapsed in a global economy alone inflated with $16 trillion in corporate debt, much of which was caused by "zombie companies" in the fossil fuel industry, with no hope of debt repayment made possible by ultra-low federal reserve bank interest rates. Effective implementation of public health measures to reduce the health effects of the pandemic will be necessary for the economy to recover. However, as the IATP wrote on 16 March, ongoing deregulation or self-regulation can make the financial system an amplifier and not an absorber of non-financial shocks such as the pandemic.
The official said there were challenges related to the emergence of coronavirus, but general experience showed that Beijing has fulfilled its commitments under the trade agreement. On 13 January, he led the Chinese delegation to Washington and said he expected the trade agreement with the United States to be signed on January 15. "This is not a trade agreement. It`s more of a hostage situation," says Mary Lovely, an economics professor at Syracuse University who specializes in international trade. He said the pandemic underscored the importance of strong intellectual property protection to promote innovation in the development of new medicines and other health technologies. On January 12, U.S. Treasury Secretary Steve Mnuchin said China`s commitments in the first phase of the U.S.-China trade agreement remained unchanged during the lengthy translation process; agreement, which was reached on Dec.