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Trump says ‘big progress’ made in trade talks with China

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President Donald Trump said “big progress” was made in talks between the US and China to head off further escalation of a yearlong trade war.

Trump said Saturday that he had a “long and very good call” with Chinese President Xi Jinping to discuss trade, which stemmed from their sit-down early this month in Argentina.

Trump tweeted: “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute.”

Read more: Trump’s trade tweets not only threatened Asian markets this week but invited China to come save the day with a surprising and unorthodox message of trust

Trump’s tweet comes days after the Chinese commerce ministry announced China and the US are slated for a face-to-face meeting over trade in January after they agreed to postpone more tariff hikes to allow for negotiations.

Since the agreement, China made its first purchases of US soybeans after six months, despite the remaining hefty tariffs on US cargo.

Trade relations between the two countries have been fraying for months. The arrest of the chief financial officer of Chinese company Huawei, the second-largest smartphone manufacturer in the world, sparked major concerns that the tense trade war would escalate.

The US has been asking China to address intellectual property theft and other aggressive measures from Beijing that have been used in an attempt to continue its path towards technological dominance.

Trump found a small victory as Chinese officials reportedly moved away from pursuing Xi’s “Made in China 2025” economic strategy, which aimed to turn China into a manufacturing and tech superpower.

The policy emphasized “indigenous innovations” and “self-sufficiency” in tech, and its absence leaves an open door to its economy for foreign firms.

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