It looks like “phase one” is almost a done deal.
Chinese leader Xi Jinping just said the deal is beneficial to both the U.S. and China, seeking to sign off on it as soon as possible.
“The first-phase economic and trade agreement reached between the U.S. and China is a good thing for the U.S., China, and the entire world,” he said. “Both the U.S. and Chinese markets and the world have responded very positively to this. The U.S. is willing to maintain close communication with China and strive to sign and implement it as soon as possible.”
President Trump seems pleased with the progress, as well.
“Had a very good talk with President Xi of China concerning our giant Trade Deal. China has already started large scale [purchases] of agricultural product [and] more. Formal signing being arranged. Also talked about North Korea, where we are working with China [and] Hong Kong (progress!),” as tweeted by the President.
Treasury Secretary Steve Mnuchin said the two countries could sign the deal by January 2020. “It’s just going through what I would consider to be a technical, legal scrub, and we’ll be releasing the document and signing it in the beginning of January,” Mnuchin said.
Farmers are Skeptical of $50 Billion Promise
At the moment, Trump has said China will buy $50 billion worth of farm products, as part of the trade deal. However, farmers are skeptical.
“Those numbers are almost unfathomable,” said Mary Kay Thatcher, a fifth-generation Iowa farmer who advocated for the American Farm Bureau, as quoted by CNN. “I’m not really sure we can actually produce that much product to send. But I’m sure the agriculture industry would be more than happy to try.”