In May U. 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. On Friday he said he had decided that a phased approach was appropriate.
China's securities regulator on Friday unveiled a firm timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies for the first time. Increasing foreign access to the sector is among the U.
Beijing previously said it would further open up its financial sector on its own terms and at its own pace. On Thursday, the U. Department of Agriculture confirmed net sales of , tonnes of U. Mnuchin said the purchases would be scaled up to that amount annually.
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A person briefed on the talks said that the proposed intellectual property provisions were largely centered on strengthening '20th century' IP protections such as those involving copyrights, trademarks and piracy. Not addressed were more difficult technology transfer issues involving data flows, cybersecurity, product standards reviews and a new social credit system that evaluates company behavior. Trump said some IP issues would be left for later phases of the talks.
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He said talks over a second phase would begin as soon as the first phase agreement was signed and said a third phase might be necessary, too. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Share this article Share. Share or comment on this article: Trump boasts that his trade deal with China will have US growers straining to meet demand e-mail Comments Share what you think.
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Today's headlines Most Read Superwoman Returns: She survived infidelity, divorce and her daughter's death. Now with an election set, Arch Remainer Gina Miller launches website that shows EU supporters who to tactically vote for to have the Trump said he hoped to have a deal signed with President Xi Jinping "in four weeks, five weeks, something like that. Previous apparent breakthroughs have faced opposition in Beijing and seen a resumption of the trade war. So we have pretty much almost a complete agreement on both of those issues.
Trump said the talks had "made very good progress on technology transfer" -- a key point of friction. Without giving further details, he said an agreement could be reached soon, with US companies sharing their know-how in exchange for access to Chinese markets. US chief negotiator Trade Representative Robert Lighthizer said a dispute settlement mechanism was being finalized.
The mechanism is seen as essential by the United States to enforcing any agreement. Lighthizer said the next round of tariffs due to hit on December 15 could be canceled. Read more on Wilbur Ross. Steven Mnuchin. Donald Trump.
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Follow us on. Download et app. The deal is far from the type of comprehensive agreement Mr. Although exact terms are still under discussion, the details the president announced include some of the concessions that China has previously floated, including purchases of agricultural products and limits on Beijing devaluing its currency to gain a competitive advantage.
Trump announces ‘substantial’ China trade deal in the works
Still, the agreement, which came during the 13th round of negotiations, will help to defuse trade tensions that have begun inflicting pain on the global economy and bolster business across the Pacific. Stock and commodity prices climbed on Friday as investors anticipated a resolution to the trade spat.
https://lospardsimu.tk The technology-heavy Nasdaq composite index rose 1. The Russell index of small capitalization stocks, typically viewed as closely tied to the health of the American domestic economy, rose 1. Stocks of companies with heavy exposure to China soared.
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An index of semiconductor companies, which depend on Asian supply chains, gained 2. Business groups expressed relief that the negotiations between the United States and China appeared to be making progress after more than a year of sputtering, yet they acknowledged that the agreement fell short of the sweeping deal that Mr.
Trump had promised. The initial reaction among Republican lawmakers was cautiously optimistic. Senator Charles E.