Published 12:53 IST, October 12th 2019
Donald Trump, Xi Jingping to sign 'very substantial' phase one deal
US President Trump reportedly claimed that China and the US has reached an initial deal covering intellectual property, financial service, and currencies.
United States President Donald Trump reportedly claimed on October 11 that China and the US have reached an initial deal covering intellectual property, financial services, and currencies. President 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 president hopes that the agreement is signed with the Chinese President Xi Jinping in the coming weeks. The US Treasury Secretary Steven Mnuchin reportedly claimed that with the agreement the White House will be holding off on a massive tariff increase plan for next week.
Trade war
Economic experts look forward to 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.
Growth in the US economy
Trump also praised the growth in the US economy which seems to continuously grow. He said that at present the economy is not facing any inflation suggesting that there is not much price fluctuation. Trump said that a trade negotiation among both the nations will be beneficial for China, which has witnessed over 3.5 million job losses. Drawing a comparison between both the countries, he pointed out that China has suffered a major loss going down trillions of dollars whereas the US economy has gone up many trillions of dollars. He asserted that the US has a strong stock market and a stronger economy. He concluded on a positive note saying, “China wants to make a deal very badly. And if we can make a deal, we're going to make a deal. There's a really good chance. There's a really good chance."
(With inputs from agencies)
Updated 14:25 IST, October 12th 2019