China has reported that it reached a “consensus on principle” with the U.S., signaling that a Phase One trade deal appears complete.
White House Economic Adviser Larry Kudlow reported on Friday that the deal was “nearly complete,” and Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin sealed the deal when they spoke with Chinese officials by phone.
This phase of the deal will cover agriculture, financial services and currency protections. Forced technology transfers will be part of phase two, Kudlow said.
“One of the indicators that I use is what the official ministries are saying in China,” Kudlow continued. “Their comments have been extremely constructive and positive, which reflects what we know on the ground regarding these talks.”
A venue is being sought for the signing to take place after a planned Chilean summit was canceled. The timeline of mid-November for the signing is still a target.
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