US Vice President Mike Pence said on Wednesday that discussions had already begun on a “Phase 2” US-China trade deal, hours after Washington and Beijing signed an initial trade pact that defused some tensions but left some major issues unresolved.
“We’ve already begun discussions on a Phase 2 deal,” Pence said in an interview with Fox Business Network. He gave no further details.
Putting on pause a two-year-long trade war , the United States and China on Wednesday signed Phase 1 of a trade deal.
The agreement, signed by President Donald Trump and Chinese Vice-Premier Liu He, includes a “major commitment” by China to make “significant reforms” in a wide range of critical areas and to make substantial additional purchases of American goods and services in the coming years, the White House said in a note backgrounding the agreement.
Vice-Premier Liu read out a message from President Xi Jinping in which the latter stressed the need for equality and mutual respect in tackling issues and implement the deal in “real earnestness”. Xi also said he hoped that US treats Chinese companies fairly.
In accordance with the deal, China will buy $200 billion worth of US farm produce and other goods and services over two years, over a baseline of $186 billion in purchases in 2017.
