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09 January 2020

China, US to sign ‘Phase one’ trade agreement next week

‘Phase One’ of the US-China trade deal was reached in December 2019 and is expected to cut tariffs and boost Chinese purchases of US farm, energy and manufactured goods while addressing some disputes over intellectual property.

President Donald Trump Meets Chinese Vice Premiere Liu He at White House/Bloomberg

China announced that Vice Premier Liu He will travel to Washington to sign the first phase of the trade deal with the US next week, locking in Beijing’s commitment to a ceremony already announced by President Donald Trump, reported Bloomberg.

Gao Feng, the Chinese Ministry of Commerce spokesman, said, said that the Vice Premier who has acted as Chinese President Xi Jinping’s top trade negotiator throughout the tariff conflict will travel to the US from 13 January to 15 January 2020.

The statement is the first Chinese confirmation of the signing of the US-China trade agreement, which the US President said is scheduled for 15 January 2020. Trump also said that he will visit Beijing after the signing of the deal to begin negotiations on the second phase.

Trump agreed to suspend plans for new tariffs on Chinese imports and reduced some existing levies, while Beijing agreed to increase agricultural purchases. The precise terms of the agreement have not been revealed.

The move at least temporarily calms fears of an escalating trade war between the world’s two largest economies, at a time when investors are nervous over geopolitical tensions in the Middle East and rising oil prices.

The US and China agreed to the first phase of a broader trade in December 2019.

RELATED STORIES: Phase one Vice Premier Liu He trade tariffs US-China trade war President Donald Trump





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