Trade Minister Wilbur Ross said the process of finalizing the US-China first phase agreement was very favorable and hoped for greater results.
"We hope the Phase One deal will be the premise of a stronger set of deals," US Commerce Secretary Wilbur Ross told reporters on the phone today, attending a series of in-mold events. ASEAN Summit Meeting format in Bangkok, Thailand.
Ross said the Phase One deal would reduce tensions as well as build trust between the US and China, while increasing trust with global trade. "If we resolve Phase One, it will help the parties very much calm because they all see the possibility of ending the war," the US Trade Minister added.
Ross' statement came a day after the Financial Times reported that the US was considering withdrawing taxes on $ 112 billion of Chinese goods, concessions made by Washington before signing the Phase One agreement. Meanwhile, three unnamed officials also said that Beijing is asking Trump to abolish the tax measures expected to take effect in mid-December and from the beginning of September.
In return, China agreed to buy US $ 50 billion of US agricultural products within two years and fulfill its commitments to open the financial services industry as well as enhance intellectual property protection.
US Secretary of Commerce Wilbur Ross in Greece on 5/9. Image: Reuters.
The world's two largest economies are sending positive signals as the US-China Phase One trade agreement is being finalized by negotiators between the two countries and may be completed this month.
President Trump said on November 3 that the Phase One deal would be signed in the United States and he also proposed the idea of inviting President Xi Jinping to the Iowa agricultural state, an area thought to be severely damaged. by Chinese tax returns on US agricultural products such as soybeans and pork.
The US-China trade war broke out last year with "tit-for-tat" taxes that not only harmed the world's two largest economies but also negatively affected the global economy. Washington accuses Beijing of unfair practices such as favoring domestic businesses, stealing technology, manipulating currencies and requiring an agreement to resolve these issues.
Ngoc Anh (Follow Reuters)