The United States and China are close to finalizing some sections of the first phase of the bilateral trade deal, the Office of the US Trade Representative said on Friday
WASHINGTON (Pakistan Point News / Sputnik - 25th October, 2019) The United States and China are close to finalizing some sections of the first phase of the bilateral trade deal, the Office of the US Trade Representative said on Friday."They made headway on specific issues and the two sides are close to finalizing some sections of the agreement," the US Trade Representative said as quoted by CNBC.
The US Trade Representative said discussions will continue on the deputy level and the principals will have another call soon.
On October 13, US President Donald Trump announced he had agreed in principle to a "phase one" trade deal with China's Vice Premier Liu He after high-level negotiations between the two sides in Washington.
Trump said the deal includes China agreeing to raise its US agricultural purchases to between $40 billion and $50 billion in addition to making reforms concerning intellectual property and financial services.
Liu, speaking in China last week in his first public comments on the trade talks since his meeting with Trump, said the two countries made "concrete progress" in many areas, laying an important foundation for the signing of a phased agreement, media reported.
Liu added that negotiations must be conducted on the basis of equal and mutual respect to address the two countries' core concerns.
The United States was also due to raise tariffs on Chinese exports from 25 percent to 30 percent on October 15, but that planned increase appears to be on hold as well.
