US, China trade officials hold first call since Biden took office

US Trade Representative Katherine Tai and Chinese Vice Premier Liu He held their first call since President Joe Biden took office earlier this year on Thursday.

Both sides had a “candid, pragmatic and constructive” conversation, the Chinese Ministry of Commerce said in a Chinese-language online statement, translated by CNBC.

The statement did not elaborate on whether there had been any developments on the trade relationship between both countries.

However, the ministry said both sides agreed to further communication and characterized the call as one bearing an attitude of “mutual respect.”

Earlier this week, the U.S.-based Peterson Institute for International Economics said China is falling short on the purchase of US goods needed in order to complete the phase one trade deal that it signed in January last year.

Under the agreement, the Asian giant committed to purchasing at least $200bn-worth of US products in 2020 and 2021 to reach 2017 levels.

Based on US data, the level of progress falls to 60%, the institute said, adding that in 2020 the purchases had fallen 40% short of what had been agreed.