Source: Business Insider
The coronavirus is jeopardizing China’s ability to meet obligations it agreed to as part of the phase-one trade deal with the US. China pledged to buy an extra $200 billion worth of US goods over the next two years, but the outbreak is harming the country’s purchasing power and demand for numerous imports, according to Stephen Roach, senior lecturer at the Yale School of Management. The pandemic also delays the face-to-face meetings needed to coordinate such large purchases, said Mary Lovely, an economics professor at Syracuse University. Chinese officials could ask the US for leniency in enforcing the deal’s timeline, but “we have no idea” how the Trump administration may respond, Lovely noted. Visit the Business Insider homepage for more stories . The rapidly spreading coronavirus may have a new victim: the US-China trade agreement. The virus has already wreaked havoc throughout China. Its death toll surpassed 360 people as of early Monday, with all but one of the them taking place in the country.