The US president hinted the first phase of a deal on Friday about ending the trade war with China. The deal also hinted to vanish the current jump in tax. But the officials of both the countries are saying to work more before a final decision could be made. The prominent deal is covering agriculture, currency and some aspects of intellectual property protections. It will showcase the biggest move taken by both the countries in fifteen months to end the tax that has hit the financial market and slowed the global growth.
The announcement made by Donald Trump does not contain many essential details. The President said that it can take up to five weeks to get a final decision. He admitted that the deal could drop in the five weeks but also expressed his confidence that it would not happen. US Treasury Secretary Steven Mnuchin said that they have a fundamental understanding of the key issues and went through some paper work but there is still a lot of work to do. The country will not sign an agreement until the president could know that this is on paper.
As both countries are the world’s largest economies, they have made an initiative in the current trade dispute without sealing the deal. US officials had accused China in May for walking away from a sweeping agreement and the agreement was finished over a refusal to make changes to Chinese laws. Donald Trump has said earlier that he would not go with a partial deal to settle his efforts to change China’s trade, intellectual property, and industrial policy practices.