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American business community in China lacks confidence in ‘phase one’ trade deal, AmCham chief says
- Agreement ‘good for farmers’, but companies want to see structural changes to China’s business environment, says Tim Stratford, chairman of the American Chamber of Commerce in China
- US President Donald Trump more likely to use negotiations to support his political ambitions than American firms, he says
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The American business community in China is generally happy with the efforts being made to resolve the trade war but is less confident an interim deal will resolve the structural problems associated with China’s economy, a US business leader said on Saturday.
Tim Stratford, chairman of American Chamber of Commerce in China, said he believed the “phase one” deal currently under discussion could prevent a further “downward spiral” in the dispute but feared the US did not have enough leverage to push Beijing into restructuring its state-led economic model.
With an election coming next year, US President Donald Trump might be more interested in using the deal to support his political ambitions than resolving the systemic issues that worry the American business community, he said.
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“Of course, it’s helpful for the farmers and I’m glad to see farmers benefit, but that’s not really what we’re looking for,” the former US assistant trade representative said on the sidelines of a business forum organised by the Center for China and Globalization in Beijing.
“It seems to fit the political goals of the president,” Stratford said. “But it’s not addressing the systemic trade issues that the business community would be concerned about on a long-term basis.”
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