US Secretary of Commerce Wilbur Ross yesterday afternoon met with Chinese Premier Li Keqiang (李克強) at a regional summit in Bangkok, a person familiar with the discussion said.
The meeting came hours after Ross told a morning business forum that the US was “very far along” with “phase one” of a trade deal with China.
US President Donald Trump on Sunday told reporters at the White House that a trade agreement, if one is completed, would be signed somewhere in the US.
Photo: Reuters
In an interview on Sunday, Ross expressed optimism that the US would conclude an initial agreement with China this month, before working on additional phases.
He also said that licenses would be coming “very shortly” for US firms to sell components to China’s Huawei Technologies Co (華為).
Ross called the phase one agreement “particularly complicated” and said that the US was “making sure that each side has a very correct and clear, detailed understanding of what each side has agreed to.”
Iowa, Alaska, Hawaii and locations in China are all possible places for Trump and Chinese President Xi Jinping (習近平) to sign the deal after the cancellation of this month’s Asia-Pacific Economic Cooperation summit in Chile.
“We’re in good shape, we’re making good progress, and there’s no natural reason why it couldn’t be, but whether it will slip a little bit, who knows. It’s always possible,” Ross said.
Top US and Chinese negotiators spoke on the telephone on Friday, and described the talks as “constructive” as they look to lower tensions in a trade dispute that has roiled global growth.
After the call on Saturday, Chinese state media reiterated the nation’s core demands, including the removal of all punitive tariffs.
The deal would see China increase purchases of US agriculture products, keep its currency stable and open financial services markets to US firms.
In return, Beijing wants the US to do away with new import taxes due to take effect Dec. 15 on goods including smartphones.
Ross remained noncommittal on whether the Trump administration would suspend next month’s tariff hike.
Further phases of the deal would depend on things involving legislation on the part of China and an enforcement mechanism, he said.
Trump has placed dozens of Chinese firms on the US Department of Commerce’s “entity list,” hampering their ability to purchase US software and components. It first targeted Huawei in May for national security reasons, and last month added 28 more companies.
Entities on the list are prohibited from doing business with US companies without being granted a US government license, although some have maintained relationships with banned companies through international subsidiaries.
Ross said that the licenses “will be forthcoming very shortly,” adding that the government received 260 requests.
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