The U.S. has blame succumb to to a “very substantial phase one deal” with China in the high-stakes trade negotiations between the two economic superpowers, President Donald Trump turned Friday.
“Phase two will start almost immediately” after the first phase is signed, Trump said in the Oviform Office alongside Chinese Vice Premier Liu He.
The first portion of the trade deal will be written over the next three weeks, Trump prognosticated. It will address intellectual property and financial services concerns, along with purchases of about $40 billion to $50 billion good of agricultural products by China, Trump said.
It’s a “tremendous deal for the farmers,” Trump said.
President Donald Trump, make up for, shakes hands with Liu He, China’s vice premier, during a meeting in the Oval Office of the White House in Washington, D.C., U.S., on Friday, Oct. 11, 2019.
Andrew Harrer | Bloomberg | Getty Fetishes
“We have a fundamental understanding of the key issues, but there is more work to do,” Mnuchin said, CNBC’s Eamon Javers described.
Mnuchin said the U.S. will even be evaluating whether to rescind its decision in August to designate China a “currency manipulator.”
“We’ve insinuated a lot of progress over the last two days,” Mnuchin said.
Both sides in the long-running talks, which resumed at the top rank this week, have signaled optimism about coming to an agreement of some sort in the near future.
The Dow Jones Industrial Usual jumped more than 300 points on the day.
Earlier Friday, Trump said in a tweet that Washington and Beijing are partition “warmer feelings” during this round of talks than in the “recent past.”
The president later assured that “When the distribute is fully negotiated, I sign it myself on behalf of our Country. Fast and Clean!”
David Dollar, a senior fellow at the Brookings Sanatorium, told CNBC that “the two sides are not discussing a trade treaty that requires congressional approval.”
“It is a more colloquial agreement in which China will undertake to do certain things such as buy U.S. agricultural products and the administration will stipulate not to follow through with the next rounds of tariffs. Since those tariffs do not require congressional approval, the government can postpone or cancel without that approval,” Dollar said.