The partial trade bargain struck last week with China is now being formally put down in writing, US President Donald Trump said Wednesday.“It hasn’t been papered yet but it is being papered,” Trump told reporters at the White House, reports AFP.
He insisted that China had already bought $40 to $50 million worth of American agriculture products last week.
He reiterated that China committed to greater purchases of US farm exports, and made concessions because of economic pressure by Washington.
“They want to make a deal. They have to make a deal. Their economy has been hurt very badly by what we’ve done and the tariffs,” Trump said.
Markets rallied Friday as the deal was struck, in relief after the steady escalation in the trade conflict with China.
While the deal meant tariffs increases planned for this week would not go forward, it did not roll back any of the stinging import duties imposed up to now on hundreds of billions of dollars in trade between the economic powers, nor did it address another round of import taxes planned for December.