PORTLAND, Maine (AP) — China has failed to live up to its promise to buy more Maine lobster under a deal that opened the door to an easing of a trade war under former President Donald Trump, Maine's congressional leaders say.
Maine's lobster industry was hurt by retaliatory Chinese tariffs in 2018 and failed to see substantial export gains after China committed to buying an additional $200 billion in U.S. goods, the delegation contends.
Under the “Phase One Agreement,” China was supposed to increase purchases above 2017 levels but China has bought “almost no lobster above 2017 levels,” according to a letter Thursday by Maine Sen. Angus King, an independent, and Reps. Chellie Pingree and Jared Golden, both Democrats.
They urged U.S. Trade Representative Katherine Tai to “hold China accountable for its purchase commitments.”
Republican Sen. Susan Collins of Maine earlier sent a letter voicing the same concerns and urging “swift and appropriate action.”
Maine’s live lobster sales to China fell in the year after the lobster tariff was imposed in July 2018, and China shifted its lobster purchases to Canadian dealers, industry officials said.
The sparring over lobster came as the U.S. trade representative accused Beijing of failing to carry out market-opening promises made when it joined the World Trade Organization. China rejected the accusations.
___
This story has been corrected to show that China committed to buying an additional $200 billion, not $200 million, in U.S. goods over 2017 levels.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.