Donald Trump says ‘substantial phase-one deal’ reached in China trade talks, new tariffs delayed
- US president touts ‘substantial phase-one deal’ that will delay new tariffs after talks with China’s vice-premier Liu He
- High-level negotiations were aimed at ending a trade war that is threatening global economic growth
US President Donald Trump said his negotiators have reached a “substantial phase-one deal” that will delay the implementation of more US tariffs on Chinese imports after two days of high-level trade negotiations that aimed to move the two countries closer to a conclusion of a bruising bilateral trade war.
Speaking in the Oval Office, Trump touted a deal that includes intellectual property protections and purchases of US agricultural products worth as much as US$50 billion after US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer met with Chinese Vice Premier Liu He for two days in Washington.
However, no concessions for China’s telecom equipment giant Huawei Technologies, which faces restrictions on purchases from US companies, were made.
Liu, who presented Trump with a letter from Chinese President Xi Jinping, said through a translator that negotiators were making “a lot of progress in the right direction” and that righting the bilateral economic relationship would benefit both the two countries and the rest of the world.
The bonhomie extended beyond Xi’s letter to Trump. Reporters heard Liu wish “happy birthday” to Lighthizer, whose birthday is on Friday, when they met at USTR earlier in the day.