Donald Trump says 'phase 1' China trade pact on track for November

US President Donald Trump on Monday said progress in developing text of a partial tre pact with China means he will likely be able to sign it next month. Trump remains upbeat on chances Beijing and Washington will seal mini-deal he anunced earlier this month -- marking a cooling-off period in two nations' damaging tre war.

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Phase one deal before APEC summit in Chile

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at White House. US Tre Representative Robert Lighthizer said efforts to commit agreement to paper before Asia-Pacific Ecomic Cooperation summit in Chile next month are "on track" though some work remains to be done.

"Our target is to have phase one deal by time you go to Chile," Lighthizer told Trump.

Trump has said he expects to sign partial deal on sidelines of summit when he meets with Chinese President Xi Jinping.

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' Chinese have started buying'

While details are scant, new mini-deal includes a surge in Chinese purchases of American farm exports and also covers intellectual property, financial services, and currency exchange, according to White House.

Trump said on Monday, " Chinese have started buying." With hundreds of billions of dollars in two-way tre w subject to ditional tariffs, re are mounting signs tre war -- w in its second year -- has damd world ecomy, ding to pressure on both sides to strike a deal.

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However, US Commerce Secretary Wilbur Ross said earlier Monday that US side is t rushing to sign on dotted line next month. "We would like to make a deal," Ross told Fox Business on Monday.

"But from our point of view, it has to be right deal and it doesn't have to be in vember." While White House has said "phase one" deal touches on major issues, Ross said heaviest lifting remained to be done. " real question is, do we get to an early signing of phase one?" said Ross, who is t a member of US delegation to tre talks. "Second, how far do we get toward phase two or two and three? Two and three are really where meat is."

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