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US-China Could Sign Phase One Of Trade Deal 'Shortly After January 15:' Trump

The United States and China could sign the long-awaited Phase 1 trade agreement shortly after Jan. 15, according to Reuters.

Benzinga · 01/10/2020 11:12

The United States and China could sign the long-awaited Phase 1 trade agreement shortly after Jan. 15, according to Reuters.

What Happened

U.S. President Donald Trump said on Thursday that the proposed trade deal between the United States and China scheduled to be signed on Jan. 15 could be signed “shortly thereafter.”

“We’re going to be signing on January 15th - I think it will be January 15th, but shortly thereafter, but I think January 15th - a big deal with China,” said Trump in an interview with the ABC TV affiliate in Ohio.

Why It Matters

President Trump announced in December 2019 that he would sign the first phase of Phase 1 trade deal with China on Jan. 15.  

The move is expected to de-escalate the trade war between the world’s two biggest economies.

According to the agreement, the U.S. would suspend its tariffs on $160 billion of Chinese imports. In return, China will purchase more US farming products and take steps to improve intellectual property protections.

What’s Next

The Chinese delegation, led by Vice Premier Liu He, will travel to Washington early next week to sign Phase 1 trade deal. The signing will take place at the White House.