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Official: China hopes for US trade pact as tariff hike nears

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In this Saturday, Dec. 7, 2019, photo, a man and a child look at toy guns on display for sale at the American toy store FAO Schwarz at the capital city's popular shopping mall in Beijing. A Chinese official says Beijing wants prompt settlement of its trade war with Washington. The comment on Monday, Dec. 9 by a deputy commerce minister comes ahead of a possible US tariff hike on Dec. 15. (AP Photo/Andy Wong)

BEIJING – A Chinese official says Beijing wants a prompt settlement of its trade war with Washington.

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.

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.