Trump again touts partial trade deal with China

WASHINGTON: President Donald Trump on Saturday (Oct 12) touted his partial, unsigned trade deal with China as a major achievement and the best deal US farmers have ever secured.

"WOW, the Farmers really hit pay dirt," Trump tweeted.

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Friday's initial agreement, which marks a halt in the 18-month trade war, calls for a huge increase in China's purchases of US farm products.

It also covers intellectual property, financial services and currencies.

Trump said Friday evening the deal calls for China to increase its imports of US farms goods to US$40-50 billion a year – more than double the level of 2017.

READ: Embattled Trump takes victory lap on China trade deal

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READ: US, China agree on 'Phase 1' trade deal; Trump suspends October tariff hike

The US will also hold off on a massive tariff increase planned for next week.

But the accord will take weeks to finalize, and the details are not clear.

Nor will it roll back tariffs already in place on hundreds of billions of dollars in two-way trade.

The two sides have touted progress in their trade talks before, only to see things come apart later.

Still, Trump cried victory in a series of tweets Saturday.

"The deal I just made wiRead More – Source

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