President Trump Optimistic about Signing ‘Phase One’ Trade Deal with China
Oct. 22, 2019 (EIRNS)—During a public meeting with his cabinet yesterday, President Donald Trump expressed optimism that “phase one” of a trade deal with China can be finalized by the time of, or during, the Nov. 16-17 Asia Pacific Economic Cooperation (APEC) summit in Santiago, Chile. The deal with China is “coming along very well,” the President said.
Similar sentiment was expressed yesterday by China’s Deputy Foreign Minister Le Yucheng, speaking at the Xiangshan Security Forum in Beijing. The world, he said, wants China and the U.S. to end their trade war, which requires openness rather than a decoupling of the two nations’ economies or a new Cold War. Le observed that some progress has been made in trade talks, and was optimistic that remaining problems can be solved as long as both sides showed respect for each other, CNBC reported him as saying. “No country can prosper without working with other nations,” he emphasized.
During yesterday’s Cabinet meeting, U.S. Trade Representative Robert Lighthizer also said that “phase one” can probably be signed by mid-November, although he indicated there are still some outstanding issues to be resolved. Yesterday, bilateral meetings took place at the deputy level, and on Oct. 25, Lighthizer and Treasury Secretary Steven Mnuchin will speak by phone with their Chinese counterparts.