President Donald Trump said last week that trade talks with China “are rounding the turn” and that something “monumental” is coming in the next few weeks for both countries. During an appearance in the Oval Office with both negotiating teams, Trump said, “We have a way to go, but it’s not very far.” China’s top trade negotiator told Trump that “because of your direct involvement, we do have great progress.” An Associated Press report says U.S. and Chinese negotiators dove into their ninth round of negotiations midway through last week.
The report says the two countries have made significant progress on some of the more contentious issues in the discussions. For example, China passed a law last month that loosens restrictions on foreign investment, which is designed to prevent Chinese companies from forcing American countries to hand over technology. Beijing is also expected to agree to sharp increases in the number of purchases from America, including agricultural commodities, in order to help reduce the sharp trade deficit America has with China. That trade deficit came in at a record amount of $379 billion last year.