Trump hopes US-China trade deal will be signed by middle of November

US President Donald Trump (left) said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov 16 and 17.
US President Donald Trump (left) said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov 16 and 17.PHOTO: REUTERS

WASHINGTON/NANCHANG (REUTERS) - US President Donald Trump on Friday (Oct 18) said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov 16 and 17.

"I think it will get signed quite easily, hopefully by the summit in Chile, where President Xi and I will both be," Trump told reporters at the White House, without providing details.

"We're working with China very well," Trump also said. "A lot of good things are happening."

The White House has announced that China agreed to buy up to US$50 billion of US farm products annually, as part of the first phase of a trade deal, although China seems slow to follow through.

The so-called phase 1 deal was unveiled at the White House last week during a visit by China's Vice-Premier Liu He as part of a bid to end a tit-for-tat trade war between Beijing and Washington that has roiled markets and hammered global growth.

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

Chinese vice-premier Liu He said on Saturday (Oct 19) that China will work with the United States to address each other's core concerns on the basis of equality and mutual respect, and that stopping the trade war would be good for both sides and the world.

Mr Liu also said the Chinese government has every confidence in its ability to meet macroeconomic targets for the year.

Mr Liu, who is also the chief negotiator in China's trade talks with the United States, was speaking at a virtual reality conference in Nanchang, capital of southeastern Jiangxi province.