“There’s a lot of incentive, if you will, to get to phase two.” Blackstone CEO Steve Schwarzman says that a phase two trade deal is in the interest of both China and the U.S.
signed a partial trade deal with China on Wednesday as the world's two largest economies try to contain an economic struggle.
The president said the U.S. and China are "righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families." He added that the deal has "total and full enforceability." The agreement says China will increase purchases of U.S. manufacturing, energy and agricultural goods and services by at least $200 billion over two years.The deal includes provisions to boost Chinese market access to financial services firms.
The Chinese leader called the trade deal "good for China, for the U.S. and for the whole world," according to a translation. He wrote that "in the next step, the two sides need to implement the agreement in earnest." "We're leaving tariffs on, but I will agree to take those tariffs off if we are able to do 'phase two.' In other words, we're negotiating with the tariffs," Trump said.
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