Trade Lawyers Expect Obstacles to Implementation and Tough Negotiation Following Phase One of US-China Trade Deal
Details of the deal remain vague, and companies should refrain from believing that tangible progress has been made in the trade conflict, they say.
December 19, 2019 at 01:14 PM
4 minute read
The United States and China's agreement on a Phase One trade deal came as a relief to those affected by the ongoing trade dispute between the world's two largest economies, but international trade lawyers are less optimistic about the deal's enforcement and the next round of negotiation.
William Marshall, an international trade partner with PricewaterhouseCoopers-affliiated Tiang & Partners in Hong Kong, said in a LinkedIn post that the scale of the agreement is ambitious and "represents an important first step". But he added that finalising the text and implementing some of the deal's details will be difficult.
Nelson Dong, a Seattle partner with Dorsey & Whitney, agreed. He pointed out that China's obligations under the deal are bound by a new unspecified enforcement mechanism that would allow a "snap-back" of the punitive tariffs if China were to fail to live up to these new terms.
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