Embattled Trump takes victory lap on China trade deal

WASHINGTON: Engulfed in an impeachment inquiry and other political turmoil, US President Donald Trump on Friday trumpeted the success of his hard-line stance with China, claiming to have scored a major win in the grinding trade war between the economic powers.

Trump said China had pledged to rapidly ramp up purchases of American farm products, to US$40 billion to 50 billion. That would be a stunning feat, more than doubling from the prior level of less than US$20 billion in 2017.Total US agriculture exports were US$140 billion in 2018, so that increase would mean a third going to China.

Trump said it would take up to five weeks to conclude the first phase and get a deal on paper, which would cover some key issues like currency manipulation. Treasury Secretary Steven Mnuchin told reporters Washington will not impose the tariff increase on US$250 billion in Chinese goods, which were set to rise to 30 per cent from 25 per cent on Tuesday next week.

The US Treasury in August branded China a currency manipulator, accusing Beijing of deliberately weakening the yuan to gain unfair trade advantages.

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