US and China on the way towards finalizing Phase one Trade Deal

The office of the United States’ Trade Representative said on Friday that the United States and China made noteworthy progress in trade negotiations, and now they near to finalize one phase of a deal. The agency stated highlighting the status of discussions following a debate that Robert Lighthizer, the U.S. Trade Representative, and Steven Mnuchin, the Treasury Secretary, had with Liu He, the Vice Premier of China.

USTR said that they made progress on some specific matters, and both sides are near to finalizing some sections of the deal. Negotiations will go on uninterruptedly at the deputy level, besides the principals will have an additional call shortly. The news assisted in sending main United States stock indexes to their Friday highs. The two giant economies of the world broke for a deal as they are making efforts to end a series of tariffs on hundreds and billions of dollars’ worth of each other’s goods.

The President of the U.S., Donald Trump, has intentions to resolve to prolong concerns about Chinese theft of U.S. intellectual property and forced tech transfers as well as secure more Chinese purchases of United States agricultural goods. Trump said they are doing well when asked about China yesterday. He told reporters that they are moving along politely. They are dealing with the Chinese right now, and several good things are happening with China. However, the Chinese want to make an agreement very badly.

Announcement of Trump about significant Phase one deal

Trump announced earlier this month that the two sides reached a “very extensive phase one deal” to finalized during these three weeks. He said the deal would address issues like financial services and intellectual property and contain a pledge for China to buy forty billion dollars to fifty billion dollars in U.S. agricultural products. Trump termed it a “tremendous agreement for farmers” as he tries to cover damage from retaliatory tariffs from Beijing in United States crops.

US and China on the way towards finalizing Trade Deal

The administration of Trump also discarded a planned tariff rise on $250 billion in goods of China that set to take effect October 15. Reports suggested China also wanted the United States to abandon another tariff hike set for December 2019. In spite of the public optimism of Trump about the deal, doubts remained in recent days about the ability of countries to sign an agreement. The state media of China warned about becoming too hopeful. Sen. Marco Rubio, R-Fla., stated on Wednesday that it becomes hard to get the Chinese to confess that they agreed to what reported.

Read Also: Washington reaches a Trade deal with Tokyo – Trump

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