China and the United States are in negotiations to finalise a ‘phase one’ trade deal (STR)

Beijing (AFP) – Top US and Chinese negotiators held phone talks on Tuesday and agreed to keep in touch over “remaining issues” for a “phase one” trade deal between the two countries, Chinese state media said.

US President Donald Trump had announced last month that the two sides had reached an initial agreement, but the deal is yet to be finalised.

Chinese Vice Premier Liu He spoke on the phone Tuesday morning with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the official Xinhua news agency reported.

“The two sides discussed solving issues regarding each other’s core concerns, reached consensus on properly resolving related issues, and agreed to maintain communication on remaining issues in consultations on the ‘phase one’ deal,” it said, without providing more details.

Global stocks were buoyed this week by optimism that the world’s two largest economies will soon announce a partial deal.

The Chinese government issued on Sunday a directive to strengthen the protection of intellectual property and increase penalties for violators — a major sticking in the US-China trade talks.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.