President Donald Trump said Friday that he believes the U.S. was close to reaching a trade deal with China, sentiment echoed by his counterpart Xi Jinping, who called on the two countries to strengthen their efforts to strike a trade pact.
“I think we both feel there’s a very good chance the deal will happen,” Trump said after meeting with Chinese Vice Premier Liu He, who also expressed optimism that a deal was within reach.
Trump also said trade negotiators were making tremendous progress and added that he planned to meet with President Xi to work out the final details of a deal “fairly soon.” The meeting is expected to take place late next month at Trump’s Mar-a-Lago golf resort in Florida.
CNBC reports that Treasury Secretary Steve Mnuchin also said Friday that Chinese negotiators’ visit to Washington would be extended by another two days to build on the progress that has been made so far this week.
U.S. Trade Representative Robert Lighthizer, however, was less enthusiastic about the prospects of a U.S.-China trade deal, noting that several “very big hurdles” remain to be overcome.
President Trump later said that he could possibly extend the March 1 deadline for a trade deal to be finalized up to a month if he sees “substantial progress being made.”
The Chinese have already agreed to purchase an additional 10 million metric tons of American soybeans, which the Agriculture secretary saw as a sign of progress and “show of good faith by the Chinese.”
The business community has noted that it is very important that the deal brokered by the two sides is comprehensive and sustainable as a short-term fix could “lead us back to negotiating these issues in a short period of time.”
According to Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce, “this opportunity comes with costs if not realized.”
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