US, China achieve breakthrough in trade talks, says Trump
Trade deal with China to be signed 'very shortly'
Monday, 23 December 2019
WASHINGTON, Dec 22 (TASS): The United States (US) and China have secured a breakthrough in their trade talks, the Phase One deal will be signed shortly, US President Donald Trump said on Saturday, speaking at the Turning Point USA Student Action Summit in Florida.
"We also took the toughest ever action against China and as a result we just achieved a breakthrough on the trade deal and we will be signing it very shortly," he said. "They are already buying billions and billions of dollars of products, agricultural products."
"I spoke to [Chinese] President Xi [Jinping] yesterday," Trump added.
On December 13, Washington and Beijing agreed the Phase One deal in attempt to end a trade war that has been raging between the two countries. The US representative at the trade talks, Robert Leitheiser, told reporters that Trump had agreed to delay introduction of tariffs on Chinese goods.
Leitheiser also underlined that the deal will be signed in early January, likely by the national trade representatives rather than the leaders themselves. According to him, the agreements achieved will allow increasing US export to China by $200 billion in two years, while the US trade deficit will be reduced.
Reuters adds: President Donald Trump on Saturday said the United States and China would "very shortly" sign their so-called Phase One trade pact.
"We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida.
The Phase One deal was announced earlier this month as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has roiled markets and hit global growth.
Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products.
Treasury Secretary Steven Mnuchin said last week the pact would be signed in early January, saying that the deal had already been translated and was just undergoing a technical "scrub."