US, China ar­rang­ing ‘For­mal sign­ing’ of trade deal: Trump

Muscat Daily - - BUSINESS -

Wash­ing­ton, US - The US and China are ar­rang­ing the for­mal sign­ing of the first phase of a broader trade deal be­tween the world’s two big­gest economies, Pres­i­dent Don­ald Trump said af­ter dis­cus­sions be­tween him and his coun­ter­part, Xi Jin­ping.

‘Had a very good talk with Pres­i­dent Xi of China con­cern­ing our gi­ant trade deal. China has al­ready started large scale pur­chases of agri­cul­tural prod­uct and more. For­mal sign­ing be­ing ar­ranged,’ Trump said in a tweet on Fri­day, adding they also dis­cussed North Korea and Hong Kong.

Chi­nese Pres­i­dent Xi said on Fri­day that the phase-one deal be­tween the two na­tions ben­e­fits both sides and the whole world, ac­cord­ing to Chi­nese state news agency Xin­hua. In the phone con­ver­sa­tion with Trump, Xi said they reached the agree­ment on the ba­sis of the prin­ci­ple of equal­ity and mu­tual re­spect, ac­cord­ing to the re­port.

The pact, an­nounced on De­cem­ber 13, saw Trump sus­pend plans for new im­port taxes on Chi­nese prod­ucts and re­duce some ex­ist­ing ones. It hinges on the Asian na­tion in­creas­ing pur­chases of Amer­i­can farm goods such as soy­beans, and mak­ing new com­mit­ments on in­tel­lec­tual prop­erty, forced tech­nol­ogy trans­fer and cur­rency.

The trans­la­tions of the text are what’s tak­ing time, US Com­merce Sec­re­tary Wil­bur Ross said on Fri­day in an in­ter­view.

“It’s time well spent,” he said. “It was a long, hard ne­go­ti­a­tion to get to this point. We want to make sure there’s no con­fu­sion go­ing for­ward.”

US Pres­i­dent Don­ald Trump

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