US, China say they are 'close to finalizing' partial trade deal
US and Chinese officials say their two countries are “close to finalizing” some parts of a trade agreement after high-level telephone discussions, with talks to continue.
“They made headway on specific issues and the two sides are close to finalizing some sections of the agreement,” the US Trade Representative’s office said Friday in a statement.
“Discussions will go on continuously at the deputy level, and the principals will have another call in the near future,” the USTR statement said.
In a separate statement posted on China’s Ministry of Commerce website on Saturday morning, Beijing confirmed “technical consultations” on some parts of a trade agreement were basically completed.
Agricultural products are a major area of discussion. US farmers have been struggling since the trade war started.
Washington and Beijing are working to agree on the text for a “Phase 1” trade agreement announced by US President Donald Trump on October 11.
Trump has said he hopes to sign the “Phase 1” deal with China’s President Xi Jinping next month at a summit in Chile.
However, Phase One will not cover US allegations of China’s intellectual property practices, government subsidies, Beijing’s alleged dumping of lower-priced products on global markets or China’s involvement in the fentanyl market, one person briefed on the negotiations told Reuters.
The world’s two largest economies are trying to resolve a nearly 16-month trade war that is slowing global economic growth, disrupting supply chains and roiling financial markets.
They want to make a deal very badly,” Trump told reporters at the White House on Friday. “They’re going to be buying much more farm products than anybody thought possible.”
Trump agreed earlier this month to cancel an Oct. 15 increase in tariffs on $250 billion in Chinese goods as part of a tentative agreement on agricultural purchases, increased access to China’s financial services markets, improved protections for intellectual property rights and a currency pact.
Trump launched a trade war with China last year to restrain China’s growing economic power.
There are a growing number of disputes in the US-Chinese relationship, which include the trade war, US sanctions on China’s military, and the US relationship with Taiwan, which Beijing considers a renegade province.
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