U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke by phone Friday with Chinese Vice Premier Liu He, and afterward USTR said that the two sides “made headway on specific issues and the two sides are close to finalizing some sections of the agreement.”
More talks of course are on tap. Indications are the components so far are the halt of additional U.S. tariffs in exchange for a two-year phase-in of Chinese purchases of a U.S.-reported $40 billion to $50 billion of U.S. farm goods, new rules on currency manipulation and efforts by China to finish opening its financial sector to foreign firms. It might include some measures to protect intellectual property.
In a statement from China, Xinhua reported the two sides reached an agreement for the U.S. to import cooked poultry products from China, as well as to regard its catfish product regulation system as equivalent to the United States.
“Both sides agreed to appropriately resolve the core concerns of both parties,” Xinhua said. “Working-level deputies will speed up talks for the trade deal before the principals talk over the phone in the near future.”