Asian stock markets surged on Thursday following an early “holiday gift” from Presidents Xi Jinping & Donald Trump. On Tuesday the U.S. President said that he and Xi Jinping will hold a signing ceremony to ink the first phase of a U.S.-China trade deal.
This was something that was agreed to earlier this month. However, many continue to remain skeptical as there has not yet been a determination to how many phases will actually amount to.
What Are The 2 Sides Saying?
Earlier this month, US Trade Rep Robert Lighthizer said that representatives from both countries would sign a Phase 1 agreement in the first week of January. Furthermore, Chinese Foreign Ministry spokesman Geng Shuang said Wednesday that both countries were in close contact.
“Both sides’ economic and trade teams are in close communication about detailed arrangements for the deal’s signing and other follow-up work,” Geng said.
“We will be having a signing ceremony, yes. We will ultimately, yes, when we get together. And we’ll be having a quicker signing because we want to get it done. The deal is done, it’s just being translated right now.”
U.S. President Donald Trump
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However, there are some things to keep in mind. Specifically, Beijing hasn’t confirmed specifics of the deal that U.S. officials released. According to a spokesperson for China’s Commerce Ministry, details would become public after the official signing. So I guess time will tell as to the full extent of a formal Phase 1 deal.
