Plans for Phase One Trade Agreement With China Move Ahead
Phase One Ahead 102919
The U.S. Trade Representative says China and the U.S. are close to finalizing some sections of a trade agreement between the two countries.
High-level officials from both sides held phone conversations last week. Farm Journal Washington Correspondent Jim Wiesemeyer says the gist of the "basically completed" phase one deal includes halting additional U.S. tariffs against China.
That's in exchange for a two-year phase-in of Chinese purchases, reported to be up to $50 billion of American farm goods.
It also might include some measures to protect intellectual property. President Trump's optimistic comments about China, sent the stock market soaring to start off the week.
"We are looking probably to be ahead of schedule to sign a big portion of the China deal and we'll call it Phase 1," President Trump said, "but it's a very big portion. It would take care of the farmers. It would take care of some of the other things and also take care of a lot of the banking needs, so we're about, I would say, a little bit ahead of schedule, maybe a lot ahead of schedule. Probably will sign it. I imagine the meeting is scheduled for Chile. I know they have some difficulties right now in Chile, but I know the people in Chile and I'm sure they'll be able to work it out."
Related articles:
Exclusive: China Trade Agreement Details
China Willing to Buy $20 Billion of U.S. Ag in Year One
Analysis: Is There Potential In Actually Getting China Deal Done?
