Chinese President Xi Jinping and President Donald Trump at the G-20 Summit in Osaka on June 29, 2019.
Brendan Smialowsi | AFP | Photos of Getty
BEIJING – Expectations are rising for a first-stage trade agreement between China and the US, though there is no clarity on whether the leaders of the two countries can come together to seal the deal a deal. on the basis of mutual and mutual respect for the US, to work together to properly address areas of common concern and strive for a phase-one trade agreement, "Gao Feng, spokesman for China's Ministry of Commerce, said at a regular meeting on Thursday, according to CNBC's translation of his stories in Mandarin.
Gao also said that "external rumors" about trade discussions remain close to communication.
On Thursday, Reuters reported, citing sources, saying that a so-called phase-one agreement between the US and China could not be completed until next year as Beijing pressures to reduce tariffs and the US President Donald Trump's administration has pushed for his own dem rise and an attendee is "puzzled" by US demands, while remaining confident that a phase-an agreement is reached. Chile, until it was canceled due to domestic violence. China wants the US to cancel additional tariffs as part of a final trade agreement, and Beijing has indicated a rollback of duties is a request for a phase-one agreement.
Washington wants China to tighten agricultural purchases from the United States and Trump has also cast doubt on the idea that the United States would agree to cut tariffs as part of a preliminary agreement, and even threatened many tariffs in China. Without any progress made in trade negotiations, US additional duties on Chinese goods are set to go into effect on December 15.
Zhang Yansheng, head of research at Beijing-based think tank China Center for International Economic Exchanges, the US and China are hoping to reach a phase-one agreement, given incentives from both sides to do so. Trump needs to comfort a domestic constituency ahead of the coming US elections, while China does not want a trade war, Zhang said in a Mandarin-language interview, according to a CNBC translation.
This initial phase of the deal also focused on tariffs, rather than structural issues, making the agreement easier to reach at this stage, Zhang said.