Donald Trump Announced That The US Reached a "substantial" Trade Agreement With China

The United States and China reached a “significant” partial agreement on Friday to give a truce to the commercial war they have been fighting since last year, and could sign it during the APEC summit to be held in November in Chile, US President Donald announced Trump

Under the agreement, the United States decided to suspend its plan to raise Chinese import tariffs of $ 250,000 million from 25 to 30%, while China promised to acquire between $ 40,000 and $ 50,000 million in US agricultural products, according to the White House.

"We have reached a significant first phase agreement … but it is not yet drafted," Trump told reporters during a meeting at the Oval Office with Chinese Vice Premier Liu He.

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The pact will be put on paper over the next four weeks and the goal is for Trump and Chinese President Xi Jinping to sign it during the summit of the Asia-Pacific Economic Cooperation Forum (APEC) to be held in Santiago de Chile on November 16 and 17.

"We will be in Chile and I will have a formal (signing) ceremony with President Xi," said Trump, who until now had not confirmed whether he would go to the APEC summit.

Trump said that in recent months there has been a lot of "friction" between the United States and China, but now there is a "love festival" between the two powers.

"This is such a big agreement that we are doing it in sections," said Trump, who said that a "second phase" will begin to be negotiated as soon as the first one is signed and he did not rule out a third stage.

The president said that the newly reached pact includes some measures related to the devaluation of the Chinese currency and intellectual property issues, although it does not deal with the forced transfer of technology in China, an issue that will be dealt with "in the second phase", according to Trump

The agreement also does not resolve the issue of export vetoes that affect Chinese telephony giant Huawei, an issue that is being negotiated through a parallel process, US Foreign Trade representative Robert Lighthizer told reporters.

"We will not implement the increase in tariffs" that would come into effect next Tuesday, confirmed US Treasury Secretary Steven Mnuchin.

Trump also said he had talked to Liu about the demonstrations in Hong Kong, but that he believes that issue will end up resolving itself.

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