White House Publishes Transcribed Xi Letter Pledging ‘Healthy, Steady China-US Relationship’

  • White House Publishes Transcribed Xi Letter Pledging ‘Healthy, Steady China-US Relationship’

White House Publishes Transcribed Xi Letter Pledging ‘Healthy, Steady China-US Relationship’

Trump had said previously he would not be satisfied with a partial deal to resolve his effort to change China's trade, intellectual property and industrial policy practices, which he argues cost millions of U.S.jobs.

As part of the deal, China would agree to some agricultural concessions and the US would provide some tariff relief.

"We have made substantial progress in many fields".

The two countries are deadlocked primarily over the Trump administration's assertions that China deploys predatory tactics - including outright theft - in a sharp-elbowed drive to become the global leader in robotics, self-driving cars and other advanced technology.

"There was a lot of friction with China".

Before the markets opened on Thursday, Liu told Chinese state-run media agency Xinhua that China carries "great sincerity" to the talks this week.

The British pound jumped against the dollar, recording its biggest two-day gain since December 2008, while shares of United Kingdom banks and homebuilders advanced as investors grew more optimistic about the U.K.'s divorce deal with the European Union.

The phase one agreement should be completed and signed "over the next four weeks", Trump said, and the phase two negotiations would start "almost immediately after" that.

Trump noted that it was "a tremendous deal" for American farmers.

Greg Daco of Oxford Economics called it an "itsy-bitsy-teeny-weeny handshake deal".

"There remains significant work ahead to address numerous most important U.S. trade and investment priorities", Myron Brilliant, executive vice president of the U.S. Chamber of Commerce, said in a statement.

The National Retail Federation said it was encouraged by the progress, adding, however: "Although this is a step in the right direction, the uncertainty continues". I will be meeting with the Vice Premier today. The Trump administration had planned next week to raise tariffs on $250 billion in Chinese goods, with another round planned to take effect on December 15 on $160 billion in imports. Washington says some must remain in place to ensure Chinese compliance.

He also said the agreement will include new measures on enforcement.

"There will be more tractors sold, they're going to be bigger and better and more powerful and they're going to be made by John Deere and Case [IH] and Caterpillar", Trump said during a rally in Lake Charles, Louisiana on Friday. The US Treasury in August branded China a currency manipulator, accusing Beijing of deliberately weakening the yuan to gain unfair trade advantages.

And Robert Lighthizer, Trump's top trade negotiator, said the deal did not resolve the fate of Huawei, which is banned from buying American products - much to China's dismay.

Since the China trade war began past year, moments of comity and cheer have a few times been shattered, giving way to jolting deteriorations in relations between the two sides.

Liu also presented Trump with a letter from Xi Jinping to the president who took it out of the envelope and showed it to reporters.

"We have also had extensive discussions on financial services opening up their markets to our financial services firms".

Markets welcomed the partial deal, which lays the groundwork for a broader trade pact between the United States and China. "With our two teams making progress on some parts of the agreement under consultation, it is important that we address each other's concerns properly and make positive headway in the other areas as well".