Donald Trump to meet with China’s top trade negotiator

China's Vice Premier Liu He is flanked by US Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin before the trade talks in Washington on Oct 10 2019

What changed Friday was that Trump suspended plans to raise existing tariffs on $250 billion in Chinese products from 25% to 30% next week.

The Associated Press citing the White House reported that Washington and Beijing made progress on some thornier issues, including China's lax protection of foreign intellectual property.

With the two teams making progress on some parts of the agreement under consultation, it is important that the two sides address each other's concerns properly and make positive headway in the other areas as well, said Xi, reiterating that a healthy and steady China-U.S. relationship serves the interests of both countries and the world at large.

Liu is leading the Chinese delegation to the talks, while the United States is being represented by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

He also said the agreement would be good for the USA technology and banking sectors, but didn't say why.

"We've come to a very substantial Phase 1 deal", Trump told reporters at the White House following his meeting with the visiting Chinese Vice Premier Liu He.

Myron Brilliant, executive vice president and head of worldwide affairs at the U.S. Chamber of Commerce, said he is optimistic that the move could pave the way toward a final deal with China.

Overall talks between the two nations fell apart earlier this year but resumed in recent weeks.

In September, Trump delayed a tariff increase on $250 billion of Chinese goods to October 15 in a gesture of goodwill taking into account China's October 1 holiday.

Mr. Trump himself has expressed doubts that the two countries can strike a deal before the 2020 election, acting coy on Twitter Thursday ahead of the negotiations.

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U.S. chief negotiator Trade Representative Robert Lighthizer said a dispute settlement mechanism was being finalised.

On Wall Street stocks moved higher on hopes that there would be a breakthrough in the dispute.

China will boost its agricultural purchases to $40B-$50B, Trump said. But talks stalled after the USA accused China of reneging on earlier commitments.

Although numerous blacklisted entities are government security bureaus, the eight companies named include some of China's leaders in artificial intelligence.

Though it lays the foundation for a broader accord later, "behind the hype, this is nothing more than partial and ostensibly unsustainable deal lacking in real enforcement mechanisms", he said in an analysis. If China sticks to the new deal, its spending on American agricultural produce will increase twofold, from the $19.5 billion it spent in 2017.

The announcement of a preliminary agreement also comes as the president begins what is expected to be a protracted battle over impeachment in a separate matter. Friday's pact might reduce that slightly to 0.5 percentage point, he said.

The commentary noted that China-US relations had become more complex and that 'some people want to politicize trade and economic issues. That's the word that was used, but the tariffs that are already in place apparently will remain in place.

"For businesses this will mean less damage, not greater certainty".

As part of the deal, China would agree to some agricultural concessions and the USA would provide some tariff relief. Still, Beijing has been reluctant to make the kind of substantive policy reforms that would satisfy Washington.

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