US-China Phase One Trade Deal To Be Signed On 15 January, Talks For Second Phase To Begin Soon

In what could be a major milestone in a bilateral trade war, US President Donald Trump has said that he will sign an initial phase one trade agreement with China on 15 January.

The pact, a "phase one" deal, is expected to reduce tensions between the two economic giants.

The US president on Tuesday (31 December) said the treaty would be signed in Washington in the presence of "high level representatives" from China, BBC reported.

"At a later date I will be going to Beijing where talks will begin on Phase Two!" Trump said.

The ceremony at the White House will include top Chinese officials, the President said on Twitter. However, he did not specify who would represent China, noting only it would be "high level representatives."

Earlier in December 2019, the two sides 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, reports Economic Times.

According to the US officials, the agreement includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.

(With inputs from IANS)