White House Strikes Limited Trade Deal With China

October 11, 2019 by Dan McCue

WASHINGTON – The U.S. has come to a “very substantial phase one deal” with China, President Donald Trump said Friday.

Though he offered scant details, the president declared that talks on a “phase two” trade deal “will start almost immediately.”

Trump said the actual drafting of the agreement would take “several weeks” to write and would likely be signed by both sides in November.

As he spoke at the Resolute Desk in the Oval Office, Chinese Vice Premier Liu stood at his side.

Both sides in the long-running talks, which resumed at the top level this week, had signaled optimism about coming to an agreement of some sort in the near future.

Officials said the deal involves China buying $40 billion to $50 billion worth of American agricultural products, along with agreeing to guidelines on how it manages its currency. 

The agreement would also include some provisions on intellectual property, including forced technology transfer.

Earlier in the day, Treasury Secretary Steve Mnuchin had told reporters he and U.S. Trade Representative Robert Lighthizer had had a “productive two days of discussions” with China’s Vice Premier and other officials, but declined to comment further.

After the president spoke, Mnuchin announced that a new round of tariffs slated to hit imports of Chinese goods next week will not go into effect.

In The News

Health

Voting

In The News

Republicans Point to Inflation in Bid to Retake Congress
2022 Elections
Republicans Point to Inflation in Bid to Retake Congress

WASHINGTON (AP) — Gas prices have whizzed past $3 per gallon in much of the nation. The cost of used cars and new furniture, airline tickets, department store blouses, ground beef and a Chipotle burrito are on the rise, too.  Many economists say the price increases... Read More

Ransomware Gangs Get Paid Off as Officials Struggle for Fix
Cybercrime
Ransomware Gangs Get Paid Off as Officials Struggle for Fix

BOSTON (AP) — If your business falls victim to ransomware and you want simple advice on whether to pay the criminals, don't expect much help from the U.S. government. The answer is apt to be: It depends. "It is the position of the U.S. government that... Read More

Biden and Congress Face a Summer Grind to Create Legislation
Political News
Biden and Congress Face a Summer Grind to Create Legislation

WASHINGTON (AP) — Until recently, the act of governing seemed to happen at the speed of presidential tweets. But now President Joe Biden is settling in for what appears will be a long, summer slog of legislating. Congress is hunkered down, the House and Senate grinding... Read More

'It Lessens My Bills': $500 Payments Tested in Upstate NY
In The States
'It Lessens My Bills': $500 Payments Tested in Upstate NY

Annette Steele isn't destitute or unemployed. But for a year she'll be receiving $500 per month in no-strings-attached payments as part of an experimental universal basic income program in upstate New York. Places from Compton, California, to Richmond, Virginia, are trying out guaranteed income programs, which... Read More

New York Mayoral Primary Could Help Define Democrats Heading Into 2022
Cities
New York Mayoral Primary Could Help Define Democrats Heading Into 2022
June 20, 2021
by Dan McCue

Will it be one of the moderates or the progressives, and just what will New Yorkers make of their first-ever encounter with ranked-choice voting in a mayoral contest? Those are some of the questions that could be answered Tuesday as voters in the nation’s largest city... Read More

American Powered Air-Purifying Respirators Set New Standard
Health
American Powered Air-Purifying Respirators Set New Standard
June 18, 2021
by Reece Nations

At the onset of the COVID-19 pandemic, it became clear that the nation’s manufacturing capabilities were ill-prepared to respond to the urgent needs of the medical community. As the pandemic’s scope progressed, so did China’s chokehold on supplying countries with personal protective equipment and other front-line... Read More

News From The Well
scroll top