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