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China Says Part of Trade Deal Text Basically Completed

  • Lighthizer and Mnuchin spoke with Vice Premier Liu He Friday
  • China says both sides agreed on agriculture regulatory issues
Carl Tannenbaum, chief economist at Northern Trust, talks about the trade war between the world's two largest economies.
Carl Tannenbaum, chief economist at Northern Trust, talks about the trade war between the world's two largest economies.(Source: Bloomberg)
Corrected

China said parts of the text for the first phase of a trade deal with the U.S. are “basically completed” as the two sides reached a consensus in areas including standards used by agricultural regulators.

The Saturday comments followed a call Friday with Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The trade negotiators “agreed to properly resolve their core concerns and confirmed that the technical consultations of some of the text agreement were basically completed,” China’s Ministry of Commerce said in a statement on Saturday.