US President Donald Trump said he will sign the first phase of a trade deal with China on January 15, sealing an agreement that will see the Asian nation increasing its purchases of American farm goods in exchange for lower tariffs on some of its products.
“The ceremony will take place at the White House,” Mr Trump said on his Twitter account on Tuesday, adding that he will also visit Beijing, where talks will begin on the second phase of the deal.
The deal, announced on December 13, sees the US suspending plans for new tariffs on $160 billion (Dh587.6bn) 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 calms fears of an escalating trade war between the world’s two largest economies.
The precise terms of the 86-page agreement have not been revealed. US Trade Representative Robert Lighthizer said on December 13 that 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.
