US President Donald Trump on Saturday praised his partial, unsigned trade deal with China as a major achievement and the best deal US farmers have ever secured.
Taking to Twitter, Trump said, “WOW, the Farmers really hit pay dirt”.
The deal I just made with China is, by far, the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country. In fact, there is a question as to whether or not this much product can be produced? Our farmers will figure it out. Thank you China!
— Donald J. Trump (@realDonaldTrump) October 12, 2019
Earlier on Friday, the initial agreement marks a halt in the 18-month trade war, calls for a huge increase in China’s purchases of US farm products.
It also covers intellectual property, financial services and currencies.
On Friday, Trump said that the deal calls for China to increase its imports of US farms goods to $40-50 billion a year — more than double the level of 2017.
The US will also hold off on a massive tariff increase planned for next week.
But the accord will take weeks to finalize, and the details are not clear.
The two sides have touted progress in their trade talks before, only to see things come apart later.
Trump posted a series of tweets on Saturday and still cried victory.
“The deal I just made with China is, by far, the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country,” Trump tweeted.
He said the accord calls for such a big increase in Chinese purchases of US farm goods like soy that there is debate over whether US growers can produce enough.
“Our farmers will figure it out. Thank you China,” Trump wrote.
On Wednesday, Trump said that there was a “really good chance” of reaching a bilateral trade deal with China.
Trump said, “If we can make a deal, we’re going to make a deal, there’s a really good chance,” while speaking to the media, a day before high-level trade talks resume in Washington.
“In my opinion, China wants to make a deal more than I do,” Trump added.
Earlier in August, President had escalated his trade war with China by announcing that he would impose 10 per cent tariff on another $300 billion of Chinese goods that took effect September 1, prompting a swift rebuke from Beijing and jolting global financial markets.