US President Donald Trump says he will sign the first phase of a trade deal with China on 15 January, sealing a deal that sees the world’s second largest economy increasing purchases of American farm products in exchange for lower tariffs on some of its exports. The date has yet to be confirmed by the Chinese side.
“The ceremony will take place at the White House,” Trump said on his Twitter account Tuesday, adding , “at a later date I will be going to Beijing where talks will begin on Phase Two!”
China is still indicating it also wants the deal, despite no official word on Trump’s signing Tweet. A commentary on the front page of People’s Daily on Tuesday says: “It is everyone’s wish that China and the US will sign the phase one agreement.”
The deal, announced 13 December, sees the US suspending plans for new tariffs on USD 160 billion of Chinese imports including smartphones and toys and reducing some existing levies. China agreed to increase its purchases of American agricultural products and has made new commitments on intellectual property protections, forced technology transfers by US companies and currency practices.
The partial agreement has lessened fears of further escalations in the ongoing trade war between the world’s two largest economies.
The details of the 86-page agreement have not been revealed, with US negotiators saying these will be revealed following the signing. For commentary on the first phase agreement see here.