Published: Sun, October 20, 2019
Markets | By Otis Pena

Trump says won’t sign China trade deal until he meets with Xi

Trump says won’t sign China trade deal until he meets with Xi

China's Vice-Prime Minister Liu He (left) seen with US President Donald Trump in the White House after the two countries agree on a partial trade deal on October 11.

Chinese vice premier Liu He said on Saturday 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.

It did not however roll back any of the stinging import duties already imposed up to now on hundreds of billions of dollars in trade between the economic powers.

"China and the US have made substantial progress in many aspects, and laid an important foundation for a phase one agreement", Vice Premier Liu He said at a technology conference in Nanchang, Jiangxi, on Saturday.

To rescue China, Liu- the Vice Premier stated that Chana will work with the United States of America to resolve all existing problems with mutual respect. But three US soya bean exporters said that there had been no US sales to China since last week's talks in Washington, and none had been confirmed by the US Department of Agriculture.

Chinese importers bought about 850,500 tonnes in US soy in the week ended October 10, just ahead of the phase one deal announcement, according to weekly USDA data released on Friday. The White House is also looking at rolling out a previously agreed currency pact with China, people familiar said earlier.

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"There's a lot of momentum, and there's agreement on both sides", he said.

Liu did not address any specifics in his speech, though he reiterated that China would boost intellectual property protection, especially for small and medium enterprises.

Notwithstanding the SCMP report, by all indications the talks are set to continue in Washington on Thursday and Friday, when higher level meetings will reportedly take place.

The further opening up of China's financial services market would be an element of the first phase of the deal, while the issue of technology transfers would be addressed in the second, he said.

China is targeting 6% to 6.5% gross domestic product growth this year.

Chinese Foreign Ministry spokesman Geng Shuang recently said according to the preliminary statistics, this year, Chinese companies have purchased 20 million tons of soybeans, 700 thousand tons of pork, 700 thousand tons of sorghum, 230 thousand tons of wheat and 320 thousand tons of cotton from the US.

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