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Chinese official: Beijing wants US trade deal ASAP

Wilmington Trust chief economist Luke Tilley discusses the likelihood of a trade deal with China, the importance of USMCA and the state of the U.S. economy. Video

BEIJING (AP) — A Chinese official says Beijing wants a prompt settlement of its trade war with Washington.

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A deputy commerce minister said Monday that Beijing wants “satisfactory results as soon as possible.” The official gave no details of talks on a “Phase 1" deal announced by President Donald Trump in October.

Another U.S. tariff hike on $160 billion of Chinese imports is due to take effect Sunday. China announced Friday it was carrying out a promise to waive punitive tariffs on American soybeans and pork.

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Trump alarmed global financial markets last week when he said he might be willing to wait until after next year's presidential election to reach a settlement.