China says first phase agreed
- Says first phase of trade negotiations achieved major progress
- An agreement has been reached on the text (another wire says 'context')
- US will follow up on promise to cancel tariffs on a phased basis
- Deal to protect Chinese firms' legal interests in dealing in US
- Trade deal to boost confidence of global markets
- Both sides agree to complete last stages as possible including translation and legal review of deal as soon as possible
- Two sides agreed to negotiate on specific arrangement for a signing ceremony
- China has decided to cancel tariffs scheduled to take effect on Sunday
- China hopes US to follow up on its promises
- China to import US wheat, rice and corn within quotas
- Are talking about timing, place and details of signing deal
The Global Times reports that the deal text is done:
The text includes nine chapters, including #IPR, technology transfer, food and agriculture, financial services, exchange rate and transparency, expanding trade, bilateral evaluation, dispute settlement and final agreement.
There is a lot of confusion here. The Global Times reports that both sides have agreed to roll back tariffs.
One wire said that both sides had agreed to cancel Sunday tariffs but one wire said that only China had agreed to cancel those tariffs and that they were 'hopeful' the US would do the same.
