U.S. and China reached a preliminary agreement on Friday that could ease trade tensions between the two nations.
President Trump said, “We’ve come to a very substantial phase one deal.. pretty much, subject to getting it written.. on intellectual property, financial services, a tremendous deal for the farmers a purchase of from $40-50 billion worth of agricultural products.”
The announcement was made by President Donald Trump at the Oval Office alongside Chinese Vice Premier Liu He on Friday afternoon.
The finalizing the agreement on paper would take about three to five weeks, Mr. Trump added.
Chinese President Xi Jinping leaders and Donald Trump are expected to meet at the APEC summit next month.
Treasury Secretary Steve Mnuchin, who was in the room, confirmed that “while we go through a process of documenting this, we will not be implementing the increase on tariffs that were scheduled to go in place from 25 to 30%” next week.
Liu also delivered a letter from Xi to the President during the Oval Office meeting. An English translation provided by the White House indicates that Xi sent his “best wishes” to the negotiations.
“A healthy and steady China-US relationship serves the interest of our two countries and the world at large. I hope the two sides will act in the principle and direction you and I have agreed to, and work to advance China-US relations based on coordination, cooperation and stability,” the letter stated.
The stock markets cheered after optimism was indicated during high-level negotiations on Thursday and Friday.
Source : Various