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'Phase One' of US-China Trade Deal to be Signed by Jan 15, Says Trump; Ceremony at White House

Image for Representation.

Image for Representation.

The two sides earlier this month announced a 'Phase One' deal in their nearly two-year trade confrontation, with Washington cancelling and reducing some tariffs in exchange for Chinese pledges to increase purchases of US exports and adopt trade reforms.

  • AFP
  • Last Updated: December 31, 2019, 8:51 PM IST
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Washington: The new partial trade agreement between the United States and China will be signed in the middle of next month in Washington, US President Donald Trump said on Tuesday. "I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15," Trump tweeted moments before Wall Street was due to open.

The two sides earlier this month announced a "Phase One" deal in their nearly two-year trade confrontation, with Washington cancelling and reducing some tariffs in exchange for Chinese pledges to increase purchases of US exports and adopt trade reforms.

"The ceremony will take place at the White House. High-level representatives of China will be present." Trump said he would then travel to Beijing to continue negotiations "at a later date."

The text of the agreement has not yet been made public pending legal and translation reviews, US officials say, and details remain scant. "We should be able to get it signed in January certainly," Peter Navarro, head of a White House office on trade and manufacturing, told CNBC. "Let's see what happens."

"We're just waiting for the Chinese translation of the 86-page agreement." Word of the deal, and the de-escalation of the trade conflict, has driven a Wall Street rally this month. US and Chinese officials said the agreement includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.

Other apparent US-China agreements have evaporated before, but US officials have said this time both sides are really on the same page.

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