Donald Trump hails ‘big progress’ in trade talks with China
President Trump said Saturday that the U.S. and China are making “big progress” in trade talks aimed at defusing a tariff war.
“Just had a long and very good call with President Xi of China,” Mr. Trump tweeted. “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!”
The two leaders agreed in early December to a 90-day truce in the trade war that had been escalating all year. The U.S. agreed to suspend tariffs that were scheduled to begin in January, after Mr. Trump had already imposed levies on $250 billion in Chinese products.
Despite the agreement, trade tensions have contributed to big losses in the stock market. The Dow Jones Industrial Average has lost more than 3,500 points since early October.
The Chinese commerce ministry announced this week that China and the U.S. will hold face-to-face trade talks next month. Beijing has resumed purchases of soybeans from the U.S. for the first time in six months.