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China In Agreement With US On Resolving Trade Issues

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China's top trade negotiator said Tuesday that he and his U.S. counterpart have agreed to continue to work toward a preliminary deal to resolve a trade dispute between the two countries over tariffs.

Xinhua reported that Chinese Vice Premier Liu He, who is the head of the Chinese delegation for the China-U.S. comprehensive economic dialogue, held a phone conversation with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday.

"During their talks, the two sides discussed solving issues regarding each other's core concerns, reached consensus on properly resolving related issues, and agreed to maintain communication on remaining issues in consultations on the 'phase one' deal", the report said.

The U.S Government has not confirmed the Chinese announcement.

Retaliatory tariffs that the two trade rivals imposed on each other are expected to be lifted if a deal is reached.

On October 11, President Donald Trump had announced that the two sides reached a "very substantial phase one deal," which includes up to $50 billion in Chinese purchases of U.S. agricultural products as well as Chinese concessions on intellectual property and financial services.

In exchange for the concessions by China, the U.S. agreed to hold off on an increase in tariffs originally scheduled for October 15.

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