Trump Says He Will Sign Phase 1 US Trade Deal With China on 15 January

A senior US administration official told reporters on 13 December that China had agreed to increase its purchases of goods from the United States by $200 billion over the next two years under a newly forged partial trade deal between the two countries.

US President Donald Trump has stated on Twitter that Washington and Beijing’s phase one trade deal will be signed at the White House on 15 January.

Prior to this, Trump stated that he and Chinese President Xi Jinping would soon hold a signing ceremony for phase one of the bilateral trade agreement.

Earlier in December, the United States and China announced that they had worked out the phase one trade deal as part of a larger bilateral trade agreement that would help resolve the long-lasting trade war between the two countries. As part of the accord, the sides agreed to not introduce new duties that were planned to go into effect on 15 December.

The Chinese side expressed hope that Beijing and Washington would be able to resolve the existing problems based on equality and mutual respect.

For more than a year, the United States and China, the world’s two leading economies, have been engaged in a trade war over what Trump has deemed unfair economic conditions and alleged anti-competitive behaviour by China – a charge that Beijing denies.

Sourse: sputniknews.com