AP Photo/Jose Luis Magana
- The US and China are close to finalizing sections of a phase-one trade deal, the Office of the US Trade Representative said on Friday, according to CNBC.
- The office said US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He on Friday, according to CNBC.
- US stock indexes soared on the news.
- Read more on Business Insider’s homepage.
The US and China are getting close to finalizing some sections of a phase-one trade deal, the Office of the US Trade Representative said on Friday, according to CNBC.
The office issued a statement following a conversation that US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin had with Chinese Vice Premier Liu He on Friday.
“They made headway on specific issues and the two sides are close to finalizing some sections of the agreement,” the statement said. “Discussions will go on continuously at the deputy level, and the principals will have another call in the near future.”
The US and China have been working on a phase-one trade deal since talks in Washington in early October. Following the meetings, President Donald Trump said the sides had reached a partial trade agreement and suspended tariff hikes on thousands of Chinese products that were set to begin October 15.
Still, there’ve been doubts that a deal would be signed. China has pushed for the US to lift tariffs on products before a final agreement is reached, and reports said China would need further talks before signing a deal.
Trump has said that any deal with China should address structural issues such as intellectual-property theft, large-scale subsidies, and forced transfers of foreign technology.