US and China are “close to finalizing” parts of phase 1 trade deal

US and Chinese trade officials are “close to finalizing” some parts of a deal after high-level telephone discussions on Friday, the US Trade Representative’s office said, adding that the lower-level negotiations will happen “continuously”.

In a statement issued after the call, the office did not provide details on areas of progress.

“They have advanced on specific issues and both sides are close to finalizing some sections of the deal. Smaller discussions will take place continuously, and high-level officials will have another call in the near future,” said the document.

The call came at a time when Washington and Beijing are working to reach agreement on the “phase one” text of a trade deal announced by US President Donald Trump on October 11. Trump said he hopes to sign the pact with Chinese President Xi Jinping next month during a summit in Chile.

The world’s two largest economies are trying to resolve a protracted trade war that is shaking financial markets, disrupting supply chains and slowing global economic growth.

“They really want to make a deal,” Trump told reporters at the White House on Friday. “They will buy a lot more agricultural products than they thought possible.”

Source: Reuters

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