US President Donald Trump said China has signaled that negotiations on the initial trade deal are progressing, raising expectations that world leaders could sign an agreement at a meeting next month in Chile.
“They have started the buying,” Trump said Monday at a White House cabinet meeting, referring to Chinese purchases of US agricultural products set by the president as part of the deal. “I want more.”
Earlier in the day, Commerce Secretary Wilbur Ross said it was more important to get the details of the agreement correctly than Trump signing it at a meeting with Chinese President Xi Jinping next month in Chile.
Asian stocks rose on Tuesday after US stocks advanced as positive indicators for trade talks and before earnings reports from some of the world’s largest companies. S&P 500 futures, also recorded gains.
Ross also told Fox Business Network that the actual details of the agreement will come in two additional phases that have not yet been completed. While the White House announced a tentative agreement earlier this month, Beijing officials have yet to confirm anything.
US officials said China would significantly increase purchases of US agricultural goods and approve some intellectual property, financial services and currency concessions. In contrast, the US stopped tariff increases due to damage in mid-October just before the Christmas shopping season.
The deal represents a possible halt to the 18-month-old trade war that has hurt both countries’ economies, but disrupts the radical reform of Trump’s Chinese economic policy. The agreement does not address Huawei Technologies, which has sought a global effort to sign 5G commercial contracts even as the United States seeks to persuade other countries to blacklist the company.