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19.11.2019 17:40

US and China could sign ‘phase one’ trade deal before Christmas - Pimco

A “phase one” trade deal between the U.S. and China could be finalized and signed before Christmas this year, according to an executive from bond investment giant Pimco.

“There are obviously issues remaining about agricultural purchase targets, forced technology (transfer) and broader enforcement issues. But I think the view would be to try to resolve something ... by the beginning of December and sign it before Christmas,” John Studzinski, managing director and vice chairman of Pimco, told CNBC.

“And I think Trump sees this as important. He’s gotten a lot of endorsement from American CEOs who want to see some type of stabilization and anchor in this broader relationship and trade dialogue between China and America,” he added.

But reaching a “phase one” deal will not resolve all issues between the two economic giants, noted Studzinski. “Whether we like it or not, we are all witnessing a major event — the first major event, really — since World War II with the need for these two formidable cultures, countries, independent countries to rethink their relationship,” he said. “The world will be a much stronger and stable place if they can find ways to align their interests, rather than trying to compete.”


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