National Foreign Trade Council Not Expecting 'Phase One' Deal Soon

The transcript discusses the challenges and complexities of the phase one trade deal between the US and China, highlighting the impact of tariffs on both economies. It explores the future of trade negotiations, noting the unusual involvement of the US President in the process. The discussion also touches on the role of the WTO and the implications of the US administration's actions on global trade relations.

What is a major sticking point in the phase one trade deal negotiations between the US and China?

• The location of the signing ceremony

• The language used in the agreement

• The reduction of tariffs on both sides

• The inclusion of more countries in the deal

How have tariffs affected small and medium-sized manufacturers in the US?

• They have suffered due to increased costs

• They have been largely unaffected

• They have benefited from new trade opportunities

• They have seen an increase in profits

What is a potential outcome if a phase one trade deal is reached before the US presidential election?

• All tariffs will be immediately removed

• The deal will address all structural issues

• The deal will be expanded to include more countries

• There may be a hiatus in negotiations until after the election

What is a key concern about the current trade negotiation process?

• The rapid resolution of all issues

• The lack of involvement from other countries

• The constant intervention by the US president

• The focus on environmental regulations

What unusual tactic has been observed in the current trade negotiations?

• Reducing tariffs during negotiations

• Increasing tariffs during negotiations

• Ignoring all previous agreements

• Focusing solely on agricultural products

What is a potential consequence of the US blocking the WTO's budget approval?

• China will leave the WTO

• The US will gain more influence in the WTO

• The dispute settlement system may freeze up

• The WTO will increase its budget

What is one of the few levers the US could use against China in the WTO?

• Blocking China's membership

• Reducing its own budget contribution

• Rallying multilateral support to pressure China

• Increasing tariffs on European goods