US-China Trade Mini-deal Being 'papered': Trump
Faizan Hashmi Published October 16, 2019 | 10:10 PM
The partial trade bargain struck last week with China is now being formally put down in writing, US President Donald Trump said Wednesday
"It hasn't been papered yet but it is being papered," Trump told reporters at the White House.
He reiterated that China committed to greater purchases of US farm exports, and made concessions because of economic pressure by Washington.
"They want to make a deal. They have to make a deal. Their economy has been hurt very badly by what we've done and the tariffs," Trump said.
Markets rallied Friday as the deal was struck, in relief after the steady escalation in the trade conflict with China.
Last week, Trump hailed a breakthrough on a "phase one" deal that he said was substantial and included a surge in purchases of American farm products and also covers intellectual property, financial services and currencies.
However, comments from officials in Beijing raised skepticism about the significance of the agreement.
While the deal meant tariffs increases planned for this week would not go forward, it did not roll back any of the stinging import duties imposed up to now on hundreds of billions of Dollars in trade between the economic powers, nor did it address another round of import taxes planned for December.
Scant specifics are available but Trump says he hopes to sign the agreement with Chinese President Xi Jinping at the APEC summit in Chile next month.
Related Topics
Recent Stories
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
EU wants to ease youth movement to and from UK
Police foils attempt of supply mainpuri raw material
Helicopter crash kills Kenya defence chief, nine other senior officers: Ruto
Govt making efforts to eradicate polio: DC
Parliamentarians hail President's speech as reminiscent of state policy, rebuke ..
Collective efforts to overcome challenges to education, say speakers at Int'l co ..
More Stories From World
-
Poland arrests man over suspected plan to kill Zelensky
20 minutes ago -
EU wants to ease youth movement to and from UK
33 minutes ago -
Helicopter crash kills Kenya defence chief, nine other senior officers: Ruto
33 minutes ago -
New attack as French PM vows crackdown on school violence
1 hour ago -
Firefighters battle Copenhagen blaze for third day as facade collapses
1 hour ago -
Team behind Italian film 'Io Capitano' returns to Senegal
1 hour ago
-
Indian IT giant Infosys posts lower than expected revenue growth
1 hour ago -
UN chief warns Mideast on brink of 'full-scale regional conflict'
1 hour ago -
Germany arrests two over military base attack plot for Russia
1 hour ago -
Kenya military helicopter crashes with defence chief on board: police
1 hour ago -
EU wants to make it easier for youths to move to and from UK
1 hour ago -
Firefighters battle Copenhagen blaze for third day as facade collapses
2 hours ago