Trump says US-China trade mini-deal being 'papered'

U.S. Chinese teams working on Phase 1 trade deal text Mnuchin

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The partial commerce cut price struck final week with China is now being formally put down in writing, US President Donald Trump stated Wednesday. Their success is to be applauded, but only briefly.

The Vienna Convention is an agreement that outlines the rules of diplomatic relations.

US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, US Treasury Secretary Steven Mnuchin said on Wednesday, adding he was prepared to travel to Beijing for more meetings if necessary. The U.S. claimed China agreed to gradually increase buys of soybeans, pork and other farm goods to $40 billion to $50 billion annually at the most recent talks, but China hasn't confirmed that.

Trump had originally planned to proceed with a rise in tariffs to 30% from 25% on about $250 billion worth of Chinese goods last week.

"Since this year, under the effect of China-U.S. trade frictions, trade and investment between the U.S. and China have fallen", Gao said.

Last year, Trump hailed Xi as "president for life" after China's ruling Communist Party said it was eliminating a two-term limit for the presidency. Trump gets a win for farmers, a constituency that has been hard hit by the trade dispute and just in time for the 2020 election campaign.


Some of the tech-transfer issues would be addressed in a second phase of negotiations, as would non-financial services, Mr Mnuchin said, with openings of China's financial services market addressed in the first phase.

Caution is in order, however. The possibility for history to repeat itself is high.

Starting Wednesday, all foreign Chinese missions in the United States will be subjected to this rule change in order to make the conditions under which they work in the United States more closely mirror those US diplomates face in the Asian nation.

"Unfortunately in China, US diplomats do not have unfettered access to a range of folks that are important for us to do our job there", the US official told reporters.

Sharp-eyed observers say that other Chinese concessions are minor, and were made in previous rounds of talks. In return for China's concessions, the USA has agreed to suspend a tariff increase set to take place this week.

"Cooperation is the best and the only right way to solve problems between the two countries", Gao said. Japanese businesses have been hurt by the Chinese slowdown; any uptick in economic activity can ripple through to their advantage.

We applaud these first steps toward a broader trade agreement between the USA and China, and urge countries to address those issues with seriousness and speed.

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