George Conway Calls Trump's China Agreement 'Fake Deal' After Report Says Beijing Isn't Signing So Fast

George Conway called President Donald Trump's announcement of a China trade agreement a "fake deal" after a news report said that Chinese President Xi Xinping was not yet ready to sign any detente between the two countries.

Trump said on Friday that the two countries had struck a partial deal that would signal significant progress toward ending the long-running trade war between the world's two biggest economies.

"We've come to a very substantial phase one deal," Trump said on Friday after a meeting with Chinese Vice Premier Liu He. "We've come to a deal, pretty much, subject to getting it written."

So it’s a fake deal. Surprise, surprise.

— George Conway (@gtconway3d) October 14, 2019

Trump said the deal, which would be completed in the coming weeks and signed in November, would have involved China agreeing to buy $40 to $50 billion of U.S. agricultural products each year and commit to regulations on currency management. The president also said that the agreement would strengthen intellectual property protections for U.S. companies, a demand that has been a controversial sticking point in the trade talks. The U.S. would delay tariff increases in return for Chinese concessions.

But despite Trump's positive rhetoric about the outcome of the trade talks, China has appeared more reserved.

Following the talks, state-run media outlet Xinhua wrote that "substantial progress" had been made.

"The two sides achieved substantial progress in areas including agriculture, intellectual property rights protection, exchange rate, financial services, expansion of trade cooperation, technology transfer and dispute settlement," the news outlet wrote. "The two sides also discussed the arrangement for future consultations and agreed to make joint efforts toward eventually reaching an agreement."

Markets rose on Friday morning in anticipation of an agreement after reports that a partial deal could be reached. After Trump's announcement that afternoon, investors responded with hesitancy, saying that a partial deal did not erase tensions between the countries or mean that a more full-bodied agreement would be forthcoming.

Though Trump agreed to delay tariff increases set to go into place on October 15, the U.S. still has tariff raises scheduled for December 15. Unless those tariffs are also delayed, an additional $160 billion of Chinese imports will be hit with a 15 percent tariff in December.

"I have every expectation if there's not a deal those tariffs would go in place, but I expect we'll have a deal," Treasury Secretary Steven Mnuchin said Monday while speaking with CNBC.

Trade deal
President Donald Trump shakes hands with Chinese Vice Premier Liu He after Trump announced a "phase one" trade agreement with China in the Oval Office at the White House on October 11. Win McNamee/Getty Images