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US, China could sign phase one deal soon after phone call

US and China could sign phase one deal soon after phone call

During a telephone conversation between trade negotiators, the United States and China reached consensus on resolving trade disputes in an appropriate manner.

The Chinese Ministry of Commerce said in a statement on Tuesday that the two sides agreed during a phone call this morning to stay in touch on the remaining points related to the first phase of the trade deal.

Chinese vice Premier Liu He, Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin discussed key concerns during the phone call, the statement said.

The call follows another telephone conversation earlier this month that was described as "constructive" by trade negotiators in the two countries.

The Office of the U.S. Trade Representative confirmed the holding of the telephone conversations on Tuesday, but gave no further details.

Since the announcement of the first phase of the trade deal at the beginning of last month, everyone has been on alert for the U.S. and Chinese Presidents to sign the deal, which will ease trade tensions.

If the trade deal is not signed before December 15, there is a possibility that U.S. President Donald Trump would increase tariffs on Chinese goods to 15 percent on $160 billion.

As of 09:44 GMT, the dollar index, which tracks the green currency’s movements versus a basket of major currencies, retreated to 98.22 after hitting a two-week high of 98.28 the previous session.

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