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Trump Announces China and US Have Agreed to 'Phase One' of New Trade Deal

President Donald Trump announced on Friday that the United States and China have agreed in principle to “phase one” of a trade deal between the two countries.

Trump revealed some of the specifics of the agreement during an Oval Office meeting with Chinese Vice Premier Liu He and trade talk delegations from the U.S. and China.

“We’ve come to a very substantial phase one deal,” Trump said, adding that the terms will be put into writing over the next three to five weeks.

“We’ve come to a deal on intellectual property, financial services, a tremendous deal for the farmers, a purchase of from $40 to 50 billion worth of agricultural products.

“To show you how big that is, that would be two and a half, three times what China had purchased at its highest point thus far.”

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Trump noted that China is currently purchasing about $8 billion in agricultural products, down from a recent peak of around $16 billion.

China cut its purchases in agricultural goods from the U.S. in response to the ongoing tariff war between the countries.

“So I’d suggest the farmers have to go and immediately buy more land and get bigger tractors,” Trump joked.

Liu told the president, “We have made substantial progress in many fields. We are happy about it.”

Asked by a reporter if he was concerned about tariffs potentially going away, given his oft-stated support of them, Trump replied he was not.

“I think that we’re going to have a deal that’s a great deal that’s beyond tariffs,” the president said. “This is a deal that’s a very important deal for China, very important deal for the world, very important deal for the United States.”

Are you glad the trade war with China appears to be coming to an end?

“I think that world peace, you know there was a lot of friction between the United States and China, and now it’s a lovefest,” he added. “That’s a good thing. But that’s good for China and it’s good for us, but it’s good for the world.”

Trump suggested the agreement could get signed in November when both he and President Xi Jinping will be attending the Asia-Pacific Economic Cooperation Summit in Chile.

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Fox Business reported that Trump has also agreed to pause next week’s scheduled increase on tariffs from 25 percent to 30 percent on Chinese goods.

The president had tweeted earlier on Friday that the talks were going well.

CNBC reported that the Dow Jones Industrial Average soared over 300 points, closing up 1.2 percent, on the news about the improving trade relations between the counties with the two largest economies in the world.

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Randy DeSoto has written more than 1,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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