Donald Trump hails ‘phase one’ US trade deal with China
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After 15 months of trade talks between Washington and Beijing, the two sides have “come to a very substantial phase one deal,” US President Donald Trump told reporters on Friday.
Trump did not provide details and said the accord has yet to be put in writing. However, the US president said that it would include intellectual property rights and financial services.
“You’re very tough negotiators,” Trump told the Chinese delegation.
The leader of the Chinese team, Vice Premier Liu He, said he was happy about the outcome.
“We will continue to make efforts,” he told Trump in the Oval Office.
The deal prompted the US to suspend a tariff hike on $250 billion (€226.5 billion) in Chinese goods which was set to go into force next Tuesday. The US will also consider revoking its currency manipulation designation against China, said Treasury Secretary Steven Mnuchin.
The US and China have imposed tariffs on billions of dollars worth of each other’s goods over the past 15 months, casting a pall over the global economy.
The US wants better protection for US intellectual property, and an end to both cyber theft and the forced transfer of technology to Chinese firms.
It also wants China to reduce industrial subsidies and improve access to Chinese markets for US companies.
