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Report: China Wants More Talks Before Signing Trump's Phase 1 Trade Deal

Tanzeel Akhtar

China wants further talks in October to over the details of the "Phase One" trade deal set out by President Donald Trump before getting Xi Jinping to sign it, Bloomberg reports.

Last Friday, Trump said the U.S. and China reached an initial but “substantial” trade agreement dealing with intellectual property, major agricultural purchases and financial services. The deal would avert a new round of tariffs on China, and includes an agreement by the Chinese to purchase up to $50 billion worth of agricultural items.

According to Bloomberg, Beijing may send a delegation led by China’s vice premier Liu He to finalize a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next month in Chile. Bloomberg reports another person said China wants Trump to also scrap a planned tariff hike in December in addition to the hike scheduled for this week, something the administration hasn’t yet endorsed.

U.S. markets and the iShares FTSE/Xinhua China 25 Index (NYSE: FXI) were set to open marginally lower Monday.

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