China says it hopes to reach phased trade pact with U.S. as soon as possible

China hopes to reach a phased agreement in a protracted trade dispute with the U...

BEIJING - China hopes to reach a phased agreement in a protracted trade dispute with the United States and cancel tariffs as soon as possible, the Commerce Ministry said on Thursday, adding that trade wars had no winners.

U.S. President Donald Trump on Oct. 11 outlined the first phase of a deal and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done. Mnuchin said the Trump administration’s “objective” was for the agreement to be signed between the presidents of the two countries at a Nov. 16-17 summit of Asia-Pacific Economic Cooperation countries in Santiago, Chile.

Trump said China had agreed to make purchases of $40 billion to $50 billion of U.S. agricultural goods. Mnuchin said the purchases would be scaled up to that amount annually.

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