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Trump says signing of China trade deal 'being arranged'

Trump says signing of China trade deal 'being arranged'
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President TrumpDonald John TrumpBiden adds to vote margin over Trump after Milwaukee County recount Krebs says allegations of foreign interference in 2020 election 'farcical'  Republicans ready to become deficit hawks again under a President Biden MORE said Friday that he spoke with Chinese President Xi Jinping about the “phase one” trade agreement with Beijing and said a formal signing of the deal is “being arranged." 

“Had a very good talk with President Xi of China concerning our giant Trade Deal. China has already started large scale purchaes of agricultural product & more,” Trump tweeted Friday morning. “Formal signing being arranged.”

The Trump administration announced a “phase one” trade deal with China last week, which came after months of negotiations between U.S. and Chinese counterparts amid a trade dispute.

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Officials said the deal involves lifting some U.S. tariffs on China, while Beijing has agreed to purchase more agricultural products from the U.S.

U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerWhiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 MORE also said the U.S. secured concessions from China in terms of structural changes related to intellectual property, currency and other issues.

Trump and his advisers have touted the deal as a major victory and said it will pave the way for a second, more substantial "phase two" trade deal with Beijing.

But the text of it has not yet been released, creating continued uncertainty about its contents. Trump administration officials have said they expect the deal to be signed in early January, at which point it will be released. 

“It’s just going through what I would consider to be a technical, legal scrub, and we’ll be releasing the document and signing it in the beginning of January,” Treasury Secretary Steven MnuchinSteven Terner MnuchinBiden's Treasury pick will have lengthy to-do list on taxes On The Money: Initial jobless claims rise for 2nd week | Dow dips below 30K | Mnuchin draws fire for COVID-19 relief move | Manhattan DA appeals dismissal of Manafort charges Mnuchin to put 5B in COVID-19 relief funds beyond successor's reach MORE said on CNBC Thursday.

Trump also said Friday that he spoke with Xi about North Korea and the ongoing protest in Hong Kong, touting “progress” on the latter.