United States economy shrank 4.8 percent in the first quarter of 2020, the first contraction since 2014, said the secretary of commerce - Photo by TheInsiderStories

JAKARTA (TheInsiderStories) – United States (US) secretary of commerce, Wilbur Ross optimistic would reach a “phase one” trade deal with China soon. As reported, Washington Chinese President Xi Jin Ping to conclude the phase one end of this month.

“We are optimistic we can get phase one done soon,” he told reporters after meeting with Indonesian president in State Palace, Jakarta today (11/07), adding that the countries’ leaders still planned to meet later this month.

Trump and Xi were on track to meet in November, although the venue has not been announced. On Sunday, he told reporters that a trade agreement if one is completed would be signed somewhere in the US.

“First of all, I want to get the deal. The meeting place, to me, is going to be very easy,” the president said.

In Bangkok, Thailand, Ross said that Iowa, Alaska, Hawaii, and locations in China were all possible places for the two leaders to sign the deal after the cancellation of this month’ Asia-Pacific Economic Cooperation summit in Chile due to unrest in the country.

He called the agreement “particularly complicated” and said the US was “making sure that each side has a very correct and clear, detailed understanding of what each side has agreed to.”

“You won’t have a deal on anything until you have a deal on everything,” Ross told AP in Bangkok, where he is part of a large delegation of US officials attending a summit of ASEAN, the regional grouping, and associated meetings with Asian and Pacific leaders.

Top negotiators both spoke on the phone Friday and described the talks as “constructive” as they look to lower tensions in a trade war that has roiled global growth, Chinese state media, Xinhua reported. On Saturday after the call, China reiterated its core demands, including the removal of all punitive tariffs.

The deal would see China increase purchases of US agriculture products, keep its currency stable and open financial services markets to American firms. In return, Beijing wants the US to do away with new import taxes due to take effect Dec. 15 on goods including smart-phones.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com