China Sending Chief Trade Negotiator To US For Phase-One Deal
China's Commerce Ministry announced Thursday that it was sending its chief trade negotiator to the US early next week to sign the phase-one trade deal, according to The Wall Street Journal.
This was the first official confirmation that China will sign the agreement. The Chinese delegation is expected to be in the US from Monday to Wednesday.
On December 13, the US and China announced that they had reached a phase-one deal. The deal states that China will purchase more U.S. agricultural goods, open its financial sector, and not devalue the yuan while President Trump pledged to cancel new tariffs on $156 billion in Chinese imports.
“Phase one is a big, big number. It is a big percentage of the deal,” President Trump said. “It’s pretty much all for the farmers.”
Furthermore, President Trump commented on phase two of a trade deal with China but stated “We’ll start right away negotiating phase two. It will take a little time.” “I think I might want to wait to finish it until after the election because by doing that I think we can actually make a little bit better deal, maybe a lot better deal,” he said.
The Chinese chief trade negotiator is traveling to the US early next week to sign the phase-one trade deal.