China, US Signal Trade Deal Progress, Boosting Stocks to Record High

Gains in technology and energy shares pushed Wall Streets three main indexes to record highs on Nov 4, as Washington and Beijing officials reaffirmed new progress for a bilateral trade deal.

“We are very far along with phase one,” the U.S. commerce secretary Wilbur Ross said at the Indo-Pacific Business Forum on Monday, referring to the “Phase One” agreement announced President Donald Trump on Oct. 11, which is set to cover agricultural purchases, increased access to Chinas financial services markets, improved protections for intellectual property rights and a currency pact.

Ross said the day earlier that the trade deal with China is on track and that he expected the remaining issues during the negotiations to be resolved shortly. He also stressed that the agreement was “particularly complicated” and that the U.S. administration wanted to ensure that each side has a clear understanding of the terms they are signing on to.

“Were in good shape, were making good progress, and theres no natural reason why it couldnt be,” he told Bloomberg in Bangkok, where he attended the regional summit meeting with Southeast Asian leaders. “But whether it will slip a little bit, who knows. Its always possible,” he added.

Ross noted that theres hope for completing the deal as early as this month.

Traders work during the opening bell at the New York Stock Exchange (NYSE) at Wall Street in New York, N.Y., on Nov. 4, 2019. (Johannes Eisele/AFP via Getty Images)
US Secretary of Commerce Wilbur Ross (L) shakes hands with Chinas Premier Li Keqiang (R), as US National Security advisor Robert OBrien watches, as they attend a bilateral meeting in Bangkok on Nov. 4, 2019. (Romeo Gacad/POOL/AFP via Getty Images)

Trump earlier confirmed the deal was progressing.

“First, I want to get the deal,” Trump told reporters at the White House on Sunday. “And if we get the deal, the meeting place will come very easily. Itll be someplace in the U.S.”

Echoing Trumps remarks, Ross suggested that Alaska and Iowa, as well as somewhere in China could be possible venues for signing the agreement, Bloomberg reported.

White House national security adviser Robert OBrien met with Chinas Premier Li Keqiang during a Monday summit with Southeast Asian leaders in Bangkok. While criticizing Beijing for its military “intimidation” of its neighbors in the South China Sea, OBrien said Washington sought a “great relationship” with China as they moved to conclude the 16-month long tradRead More – Source

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