China: Xi Jinping and Donald Trump have been in 'continuous touch'

The Chinese Foreign Ministry said on November 4 that the President of China, Xi Jinping and President of United States, Donald Trump have been in continuous touch through 'various means' to bridge the gap created due to trade disputes. President Trump had also indicated on November 1 that during his meet in the farm state of Iowa, the countries could sign the long-awaited trade agreement. The biggest trade war in history between the world's largest economies, China and the US has been ongoing with heavy tariffs for the last 16 months. 

Read - China Approves Drug To Cure Alzheimer's; To Go On Sale From Next Month

'Phase One' of trade negotiations

President Trump reportedly claimed in October that Beijing and Washington have reached an initial deal covering intellectual property, financial services, and currencies. Trump further added that both the countries have reached a "very substantial" phase one deal, although, the agreement is yet to be officially written. The US leader claimed that the Phase One deal would take care of the farmers, a lot of banking needs and agriculture products will be a major area of discussion. Trump had also hinted on the progress earlier this month and said that “good things” were happening at the trade talk meeting. December 15 will be a critical date for trade negotiations when new tariffs by the US are set to be in practice. 

Read - What Is Rajkummar Rao's Character In Made In China All About?

The trade war between China and the US

Economic officials are hopeful towards the negotiations as both countries try to ease the trade tensions and also end their trade war, which has long affected the world economy. The US Trade Representative Robert Lighthizer and Secretary of Treasury Steven Mnuchin will participate in the discussion representing the US trade interests, and Vice Premier Liu He will lead the Chinese delegation. Donald Trump while addressing the reporters suggested that there are some good deals under trade negotiation. He reportedly claimed that both the countries have been unsuccessfully talking for about a year now and the US has a great economy and a great market. He further added that China is showing its willingness to fetch a deal with the US.

Read - China PM Li Keqiang Asks For Early Conclusions On Mega Free Trade

Read - China Ready To Work With ASEAN Members To Solve South China Sea Issue

(With inputs from agencies)