U.S.-China Trade Deal Near, but Trump Not Ready to Sign Off, Kudlow Says -- Update

Date : 11/15/2019 @ 1:26AM
Source : Dow Jones News

U.S.-China Trade Deal Near, but Trump Not Ready to Sign Off, Kudlow Says -- Update

By Harriet Torry 

WASHINGTON -- U.S. and Chinese negotiators are nearing a trade deal, but President Trump isn't ready to sign off, White House economic adviser Lawrence Kudlow said Thursday.

The two sides are "getting close" to an agreement, Mr. Kudlow said Thursday during a question-and-answer event at the Council on Foreign Relations.

"The mood music is pretty good," Mr. Kudlow said, adding that Mr. Trump "likes what he sees, he's not ready to make a commitment, he hasn't signed off on a commitment for phase one, we have no agreement just yet for phase one."

Negotiators for the U.S. and China have been working to come up with a written "phase one" trade deal in which Beijing would commit to buying American farm products and the U.S. would agree to roll back tariffs it has imposed on Chinese imports.

"It's not done yet, but there has been very good progress and it's also been very constructive," Mr. Kudlow said.

Both countries were initially working toward a deal that Mr. Trump and Chinese President Xi Jinping could sign this month at the Asia-Pacific Economic Cooperation summit in Chile, but the summit was canceled because of rioting there. The cancellation, combined with difficulties at the bargaining table, has disrupted the time frame.

Mr. Trump has said that China has agreed to buy up to $50 billion in U.S. farm goods annually, but The Wall Street Journal reported that China was balking at making a specific dollar commitment.

The expected rollback of tariffs has emerged as a major stumbling block, with China pushing the U.S. to remove all levies while the U.S. has pushed for a limited or phased rollback as leverage to ensure China lives up to its promises.

Write to Harriet Torry at harriet.torry@wsj.com


(END) Dow Jones Newswires

November 14, 2019 20:11 ET (01:11 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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