President Trump on Friday said he and Chinese Vice Premier Liu He had agreed on a limited trade deal that would ease the ongoing trade war between the world’s two largest economies and potentially set the stage for a more significant deal down the road.
“We’ve come to a very substantial phase one deal,” Trump told reporters following the meeting.
The principles of the deal, which Trump said would be written over the next three weeks, cover financial services, agriculture and some intellectual property issues. Trump suggested he could sign the deal next month when he and Chinese President Xi Jinping will be in Chile for the Asia Pacific Economic Cooperation (APEC) meetings. Negotiations on a second phase, he added, would continue after the signing of the first phase.