The US and China have reached a deal on currency manipulation, the first concrete results of trade talks
President Trump on Friday announced the first concrete deal with China to come out of nearly three months of trade talks – a deal to prevent currency manipulation.
Speaking at the White House during a meeting with Chinese Vice Premier Liu He, Trump also disclosed that the Chinese will be buy 5 million tonnes of U. S. soybeans is an arrangement that is not part of any forthcoming trade agreement.
Trump still hedged his bets about whether an overall deal will be agreed, saying he believed that it was “probably more likely a deal does happen, but that doesn’t mean it is going to happen.”
After two days of talks, the fourth round of negotiations since January, the Chinese delegation decided to stay in Washington for two extra days of negotiations before returning home, which Trump said “that means something.”
The biggest unresolved sticking point is the US demand that China stop forcing US companies to form joint ventures with Chinese firms when they do business in China. The arrangement often results in the Chinese partner getting hold of US trade secrets and then ending the partnership.
Trump gave no details about the agreement on currency manipulation, which has been a bone of contention between Washington and Beijing for two decades.
