United States trade negotiator hails 'remarkable' deal with China

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While China's trade delegation has expressed optimism about the deal, some government officials are cautious.

China expert Scott Kennedy said that the costs of the trade war "have been substantial and far reaching (and) the benefits narrow and ephemeral". Shi said China faces pressure to carry out phase one of the trade deal.

Trump tweeted that Beijing "agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more".

The agreement is yet to be signed and several Chinese officials told Reuters the wording of the agreement remained a delicate issue, with care was needed to ensure expressions used in text did not re-escalate tensions and deepen differences.

China-U.S. trade cooperation will be based on WTO rules and Chinese enterprises will import more competitive products and services from the United States and other countries according to the marketing and commercial principles, he said.

China agreed to increase purchases of US products by about $200 billion over the next two years.

Phase one of the trade deal will see some U.S. tariffs on Chinese goods be reduced or repealed in exchange for China increasing its expenditure on USA agricultural, manufactured, and energy products by at least $200 billion over the next two years.

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Shi suggested imports of some US agricultural goods like soybeans would be far above China's demand.

He said while the Americans are happy, "we did not cheer" the new agreement. "And the fact that we have all of them together is great for agriculture", he said. They also unveiled new commitments by the Chinese to buy U.S. farm goods and other products. He suggested that China might have to buy more soybeans than it needs to meet the terms of the agreement.

In an article published on Saturday, Doffman claimed that the Chinese tech giant will "lose out" as Beijing and Washington agreed on the deal's "phase one".

In exchange for the Chinese commitments, the Trump administration called off a new round of tariffs that was set to go into effect on Sunday. It pointed to stock market gains in recent days as word of a possible deal emerged.

This came after China officially suspended tariffs on USA goods, which were set to go into effect on Sunday.

Lower supply next year due to a planned cut by the Organization of the Petroleum of Exporting Countries (OPEC) and associated producers like Russian Federation - a grouping known as 'OPEC+' - and stronger economic growth expected because of the improved trade outlook between United States and China will combine to tighten the oil supply-demand balance next year, analysts from JP Morgan said. "If the hard-liners are making the decisions we're going to get one outcome, if the reformers are making the decisions - which is what we hope - then we're going to get another outcome".