Trump says he and China reached a 'phase one' trade deal in principle and puts new tariffs on hold
WASHINGTON – President Donald Trump said Friday he and his Chinese counterparts have reached a"phase one" deal in principle to pause their long-running trade war – but details still have to be put to paper and a formal agreement is at least weeks away.
Trump met with China's top trade negotiator Friday after aides discussed the prospects of a temporary deal that could freeze the ongoing trade war between the world's two largest economies.Stocks climbed after Trump expressed confidence ahead of his meeting with China Vice Premier Liu He, China's top trade envoy.
On the other hand, Trump has said he would not sign a"mini-deal," and that he wants only a full-blown trade agreement that would settle long-time disputes over tariffs, currency rates, technology sharing, and intellectual property laws. "A partial deal is a more feasible objective," said an editorial in English in the state-run China Daily newspaper."Not only would it be of tangible benefit by breaking the impasse, but it would also create badly needed breathing space for both sides to reflect on the bigger picture."
China has retaliated with duties on about $110 billion in U.S. shipments to that country, largely hitting agricultural products such as soybeans, fruit and vegetables, in an attempt to undercut support for Trump among his base in the farm belt. The levies also affected coffee, chemicals, cars, auto parts, whiskey, cigars and TVs.
Retailers and manufacturers have absorbed much of the costs, but have started passing some along to American shoppers and warned further price increases are likely on the way.
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