The top trade negotiators for China and the U.S. pledged to create favorable conditions for implementation of the bilateral trade deal and cooperate on the economy and public health. China’s Vice Premier Liu He talked with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin by phone Friday Beijing time, according to a statement from China’s Ministry of Commerce. They also agreed to maintain communication.
“Both sides agreed that good progress is being made on creating the governmental infrastructures necessary to make the agreement a success,” according to an emailed statement after the call from the USTR. “In spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.”
The phone call was the first time Liu and Lighthizer have officially spoken about the agreement since it was signed in January, which was just before the coronavirus pandemic hit the world’s two biggest economies and upended global supply chains. The deal called for Liu and Lighthizer to talk every six months.
S&P 500 futures hit their session highs after reports that China and the U.S. had a phone call on trade. Japan saw gains of about 1.5%, the largest moves, while shares also rose in Hong Kong, Shanghai, Seoul and Sydney. The yuan nudged higher.
President Donald Trump told reporters at the White House on Wednesday that he’d be able to report in the next week or two if he’s happy with how the trade deal is progressing.