President Trump touts ongoing trade talks with China saying Washington and Beijing are “ahead of schedule” on the negotiations.
The president made the remarks while speaking to reporters on Monday saying, “We are looking probably to be ahead of schedule to sign a very big portion of the China deal, we’ll call it Phase One but it’s a very big portion.”
President Trump also clarified Phase One of the trade deal will be beneficial to American farmers and also addresses concerns surrounding the banking sector.
Meanwhile, China reportedly requested the cancellation of some American tariffs targeting Chinese goods in exchange for Beijing purchasing additional U.S. agricultural products.
Reuters released that report last week, saying Chinese officials would issue the request during the negotiations.
The president’s remarks come just days after a report surfaced China will purchase $20 billion in U.S. agricultural goods amid efforts to finalize a trade deal.
Meanwhile, President Trump announced earlier this month the U.S. had reached a “very substantial Phase One deal” with the Chinese delegation during high-level trade talks in Washington.
The deal reportedly addresses various points of contention between the U.S. and China including intellectual property and financial services.
According to the president, the second phase of the trade deal will start quickly after Phase One is signed.
He has made it clear the ultimate goal is for both parties to sign the agreement during the upcoming Asia-Pacific Economic Cooperation summit in Chile next month.
Both President Trump and Chinese President Xi Jinxing will be in attendance, discussing both free trade and multilateralism during the two-day event.
The trade war has been ongoing for over a year now, which has involved both Beijing and Washington imposing retaliatory tariffs on each other’s goods.