US-China trade deal: Washington unlikely to relent on Beijing’s commitments

Soon after Joe Biden was elected US president, Beijing began talking up the possibility of renegotiating the so-called phase one trade deal it agreed with Washington last year, but observers say that might be easier said than done.Chinese Foreign Minister Wang Yi said in December that while China had the capacity and demand to buy more US products, that applied only to items it actually needed or wanted. Redressing the two countries’ long-standing trade balance would be “a matter of time” he…