US and China say they have made progress during talks aimed at defusing nearly 16-month-long trade war
The Chinese Commerce Ministry on Friday said the world's two largest economies had reached"consensus on principles" during a"serious and constructive" telephone call between their main trade negotiators.
US President Donald Trump said he hoped to sign an agreement with Chinese President Xi Jinping at a US location, perhaps in the farming state of Iowa, which will be a key battleground state in the 2020 presidential election. A critical date is December 15, when new US tariffs on Chinese imports such as laptops, toys and electronics are set to kick in.US and Chinese negotiators had made "enormous progress" toward finalising the phase one agreement, although the deal was not yet 100% complete, White House economic adviser Larry Kudlow told reporters on Friday.
Washington still hoped to sign the deal this month, he added, despite Chile's withdrawal as host of the Asia Pacific Economic Cooperation summit, where Trump and Chinese President Xi Jinping had been expected to ink the agreement. He said Lighthizer was insisting on an enforcement mechanism that would allow the US to impose tariffs without fear of retaliation if China violated the deal.
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