China, US make substantive progress on trade talks - Report

China, US make substantive progress on trade talks - Report

Mubasher: Negotiations on the text of a trade deal between China and the US have yielded “concrete progress,” a Chinese state media report said on Friday.

China’s Vice Premier Liu He talked via telephone with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday, Xinhua reported.

“The two sides have further made concrete progress on the text of the trade agreement between the two sides,” the news agency said, without providing more details.

The report came after US President Donald Trump said the US would know about the progress towards a possible trade pact with China in the next three or four weeks.

The world’s largest two economies have been in a trade conflict since July last year. Both sides agreed to a ceasefire, suspending further tariff hikes, to provide the time for negotiating a trade agreement to end the feud.

A deal has yet to be hammered out, with an enforcement mechanism and structural reforms of China’s state-owned firms among the major sticking points.