Alan Beebe, president of the American Chamber of Commerce in China, said the promise to buy more US soybeans was “really low-hanging fruit”, and that a binding agreement with an enforcement mechanism for Chinese structural reform was needed. That could mean the use of tariffs to ensure progress or seeing “sufficient teeth” in regulations and laws for structural reforms, he said.
“What we would consider a best-case scenario is that there’s something written in binding form with sufficient specificity, with clear timelines on the sort of comprehensive steps that China would take in order to resolve many of the long-standing issues – but we recognise that it’s not easy,” he said.