The U.S. and China are continuing their work on finalizing a Phase One trade deal, with China’s Ministry of Commerce saying Thursday the two sides are continuing their bilateral negotiations according to plan and that the talks are progressing well.
They said the two sides are still in close communication and that top-level discussions would take place Friday.
President Donald Trump tweeted Thursday morning, “China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60 percent of total deal, after APEC in Chile was canceled due to unrelated circumstances,” Trump said. “The new location will be announced soon. President Xi and President Trump will do signing!”
Trump on Friday floated the idea of signing the deal in Iowa. "I want to get the deal done first," Trump told reporters. "But we're thinking about Iowa. You know why? Because it would be the
largest order in history for farmers. ... It's a possibility."
However, Chinese Foreign Ministry spokesman Geng Shuang dismissed reports that China had suggested Macau as a possible signing location as purely speculation. As for the Phase One deal, Commerce Secretary Wilbur Ross told Fox Business Network that the U.S. is pretty comfortable that the Phase One deal is in good shape and that the U.S. hopes it can be signed around the same timeframe as the cancelled APEC meeting.
Meanwhile, China’s Ministry of Justice published a draft rule Friday that would allow foreign-funded firms to make stock and bond issuances in China and overseas and would let foreign investors in China repatriate profits. The draft rule is aimed at facilitating a foreign investment law that would take effect January 1, 2020.
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