US and China reach partial trade deal

The agreement includes intellectual property issues, currency matters, financial services, agricultural products and technology transfers.
2:48 | 10/11/19

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Transcript for US and China reach partial trade deal
We've come to a very substantial. Phase one deal. And I'll go through some of the points and then I'll ask the vice premier to use a few words and any comments he made. Come to me. I feel. Pretty much subject to getting it written. It'll take probably three weeks four weeks or five weeks as you know where we're going to the end that Jolie together the big summit. And maybe it'll be banned or maybe it'll be sometime around then. But we've come to a deal and intellectual property. Financial services. A tremendous deal for the farmers. The purchase of from forty to fifty billion dollars worth of agricultural products to other big issue that we've. Come to conclusion on his currency foreign exchange. We've also made very good progress on technology trends fair and we'll put some of technology transfer in phase one. Phase two will start negotiations. Almost immediately after we've concluded phase one and papered it. And I think phase one should happen. Pretty quickly so you have intellectual property. We have an agreement on intellectual property. Financial services. The banks and all of the financial services companies will be very very happy where. What we've been able to get. And I think China is going to be very happy because they'll be served very well by these great institutions being able to go into China. And it's going to be a tremendous thing for banks and or financial service companies. Agricultural. Structural issues. Tremendous for the farmers as Steve said that's almost as good as which I disagree with about that but it's almost as good as going from eight. Billion and then to sixteen billion. Which was their all time high 240 to fifty billion so we're going to be up to forty to fifty billion dollars. Of agricultural purchases which. Means to farmers are gonna have to work a lot of overtime to produce that much it's. That's the largest order in the history of agriculture by far by. Two and a half times. And technology transfer well have some technology transfer. In the agreement. But technology transfer will largely be done here and also in phase two. So we're gonna start negotiating phase two after phase one is completed. And signed. And then there may be a phase 30 he may get it done and face to singularly to have two phases of the three faces.

This transcript has been automatically generated and may not be 100% accurate.

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