Addressing a press conference in Washington on Monday, Donald Trump, the US President said that next month he is going to sign a trade pact with China partially and there has been ample progress in the development of the text.
A mini deal will be sealed between Washington and Beijing and Trump is very much upbeat about the chances of it which have been announced at the beginning of the month which marks a cooling-off period for both the nation’s involvement in the trade war which is pretty damaging.
Trump addressed in the white house that the US has signed a completed document for phase 1 with China and is very much confident about it.
Robert Lighthizer who is the Representative of US Trade said that agreements were made and efforts were made to commit it on paper before the summit in Asia-Pacific Economic Cooperation which is slated to be held next month in Chile are actually on track although some work remains to be done later.
Lighthizer said to Trump that the main aim is to complete the deal of phase one before they visit Chile.
According to Trump, the expectations are to complete signing the partial deal which is slated to happen on the sidelines of the Chile summit where he is going to meet Xi Jinping, the Chinese President.
While there are scanty details, according to the new mini-deal, it includes an increase in the purchases made by China for farm exports belonging to America and the intellectual property is also covered along with currency exchange and financial services as per reports from White House.
The buying process has been started by the Chinese according to US President Donald Trump who was addressing a press conference on Monday.
In Beijing, a defense forum was held where the positive note was sounded by China as the foreign affairs Vice-minister said that they want a relationship based on stability, cooperation and coordination and it should be a firm basis of the relationship between China and US.
In the two- way trade hundreds of billions of dollars are involved which are subject to additional tariffs, there are signs that the trade war is mounting which is now in its second year has damaging effects on the world economy which has added pressure on both the sides so that deal is struck.
The Foreign Affairs Vice Minister for China, Le Yucheng said that China does not approve of the tariff baton brandishing tactic every time and putting pressure on China at the maximum level.
This practice is not going to work and is an old mindset.
According to Wilbur Ross, US Commerce secretary who said on Monday that there is no sign of rushing by the US side on the dotted line slated to happen next month.
Ross was speaking to fox Business here on Monday where he said that they are interested to make a deal. From the US, the deal has to be right and it will not happen in November.
The deal for ‘phase one’ touched upon major issues according to the White House as according to Ross the heaviest lifting is yet to be done.
The question that arises is whether the US gets a chance for phase one’s early signing according to Ross who does not feature in the US delegations for the trade talks.
Secondly, he is also interested in the consecutive phases of phase two and phases three as those phases are the real game-changers.
Related Posts :