According to SCMP, the White House said on June 26 that the US and China have reached a “framework agreement” to implement the terms from the trade negotiations that began in Geneva, Switzerland, last month.
The announcement came after US President Donald Trump unexpectedly announced that the two sides “signed a deal with China yesterday (June 25),” but did not provide further details.
Speaking at a White House event to push for spending legislation ahead of the July 4th Independence Day, Mr Trump added: “We are starting to open up the Chinese market in ways that were not possible before.”
In addition, President Trump also said that the US is about to sign a "big" agreement with India, as well as having other "great deals".
When asked about the President's remarks, a White House official said: "The (US) administration and the Chinese side have reached a further common understanding on a 'framework' to implement the Geneva agreement."
The process toward a trade deal began when Chinese and US negotiators agreed to set up a “trade consultation mechanism” during meetings in Geneva last month, aimed at easing tariff tensions.
The two sides then continued high-level negotiations in London and reached consensus "in principle on a framework (agreement)," for each side to report to the leaders of the two countries.
Immediately after the round of negotiations in London, Mr. Trump declared the deal “done” and only awaited approval from Chinese President Xi Jinping.
The push for a deal is aimed at preventing the reimposition of higher import tariffs, which are set to take effect on August 12. At that time, Mr. Trump’s proposed “reciprocal tariffs” of up to 125% on Chinese goods could be restored.
However, the White House did not clarify whether the current framework agreement is enough to prevent the re-imposition of tariffs./.
According to VNA
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