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China says it will strive to reach ‘phase one’ trade deal with U.S

The Chinese commerce ministry stated on Tuesday that they would strive to reach an initial trade agreement with the United States. Gao Feng, spokesman for the ministry, told reporters that China is willing to work with the US to resolve concerns on mutual respect and equality. Gao believes that a mutually beneficial trade agreement is in line with national interests and those of China and the US. Economists have warned that the continuing trade dispute is escalating threats to the global economy. Experts state that the disagreement is disrupting supply chains and discouraging investment. China has invited US trade negotiators for another round of talks in Beijing, in hopes that this new round can take place before the US Thanksgiving holiday next week. US officials are willing to meet in person but no date has been set.

A report stated that US officials would reconsider traveling for the talks if China will not commit to negotiate intellectual property protection, forced technology transfers, and agricultural purchases. The suspense in trade agreement resulted in the 10-year US Treasury yield dropping to its lowest levels in three weeks, the Chinese yuan softening against the dollar and the retreatment of global equities. Officials from Beijing indicated that they would like to see Chinese President Xi Jinping and US President Donald Trump sign a deal in early December, before the Christmas shopping rush when US tariffs on $156 billion in Chinese goods are set to take effect.

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