President Trump said he will sign ‘Phase 1’ of a trade deal with China on 15 January sealing an agreement that sees the Asian nation raising purchases of American farm goods in exchange for lower tariffs on some of its products.
“The ceremony will take place at the White House,” he said on his Twitter account Tuesday, adding he will be going to Beijing, where talks will begin on the 2nd phase of the deal.
The deal, announced on 13 December has the US suspending plans for new tariffs on $160-B 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 move at least temporarily calm fears of an escalating trade war between the world’s 2 largest economies.
The precise terms of the 86-pg agreement have not been revealed.
US Trade Representative Robert Lighthizer said on December he expected to sign the accord together with his Chinese counterpart, Vice Premier Liu He, in early January in Washington, and that it would be released publicly then.
Have a Happy New Year Week.