China State Run Media Head Praises ‘Breakthrough’ in Trade Talks

BEIJING, CHINA - NOVEMBER 9: China's President Xi Jinping and China's first lady Peng Liyuan and U.S. President Donald Trump and first lady Melania attend a state dinner at the Great Hall of the People on November 9, 2017 in Beijing, China. Trump is on a 10-day trip to Asia. …
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China appeared on Monday to push back on reports that it was having second thoughts about what President Donald Trump on Friday called “phase one” of a trade deal.

The editor of the Global Times, the mouthpiece for China’s ruling Communist Party, tweeted that the trade talks last week had “made  breakthrough.”

Hu Xijin added that although the initial statements coming out of China had been “moderate” this should not be interpreted as a lack of enthusiasm for the deal.

Bloomberg News had reported on Monday that China had not yet confirmed some of the specifics of the deal, including the plan for China to buy tens of billions of dollars worth of agricultural goods. Bloomberg News also reported that China also wants the U.S. to scrap a tariff hike scheduled for December.

Treasury Secretary Steven Mnuchin said Monday morning that he expected those tariffs would still be applied if the U.S. and China had not reached a final deal by then.

Bloomberg and CNBC both reported that China wants another round of talks before the “phase one” deal would be signed.

Traders on Wall Street took note of the seemingly different tones taken by the Trump administration and Chinese state media outlets. For example, initial reports in China noted “substantial progress”  had been made but stopped short of calling it a “deal.”

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