China's top negotiator says 'substantial progress' made in United States trade deal

Chinese President Xi Jinping shakes hands with US President Donald Trump

In mid-October, the United States and China reached their tentative agreement that President Trump called a "phase one deal" after Chinese Vice Premier Liu He-its top negotiator-visited Washington to start the 13th round of trade talks.

"The two sides have made substantial progress in many fields, laying an important foundation for the signing of a phased agreement", Vice Premier Liu said during a technology conference on Saturday.

Chinese importer Hopefull Grain & Oil bought 10 cargoes of Brazilian soya last week ahead of US-China talks and at least three cargoes this week, two of the trade sources said.

WASHINGTON-White House economic adviser Larry Kudlow said on October 17 that China's "serious commitment" to buy $40 billion to $50 billion worth of US agricultural goods as part of a phase 1 trade deal would depend in part on private companies and market conditions.

The "phase one" deal described by Washington may not address numerous larger issues that initiated the trade war which has dragged on for more than a year, such as forced technology transfers and industrial subsidies.

Speaking to reporters at the White House, Kudlow said the first phase of a trade deal, revealed last week, may be signed at the Asia-Pacific Economic Cooperation (APEC) forum next month in Chile, noting that the figures relating to Chinese purchases were a "considered number". Both the countries are now working on the written official details about the agreement.

Trump said on Twitter on Sunday that China had already begun making USA agricultural purchases.

The whole world is considering the recently concluded trade talk between the U.S. and China a success.

US officials said a second phase of negotiations could address thornier issues like forced technology transfer and non-financial services issues.

China's economic growth slowed further to 6% in the third quarter, according to data released on Friday, increasing pressure on Beijing to put an end to the trade conflict.

In phase one deal, the United States agreed to withdraw the scheduled increase of tariffs from 25% to 30% on Chinese goods worth 650 billion. "We have every confidence in our ability to meet macroeconomic targets for the year", Liu said.

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