New Delhi: Phase one of the US-China trade deal will be signed on January 15 at the White House, US President Donald Trump tweeted. “At a later date I will be going to Beijing where talks will begin on Phase Two!” he wrote. Also Read - Donald Trump Becomes 3rd President in US History to be Impeached
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The deal, announced on December 13, is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property, Reuters reported.
Under the deal, the US plans for new tariffs on $160bn of Chinese imports of items such as smartphones and toys will be suspended. In return, China will agree to buy more US farming products and make fresh commitments to improve intellectual property protections. The full terms of the 86-page agreement have not been revealed.
China bought $130 billion in US goods in 2017, before the trade war began, and $56 billion in services, US data show. The United States launched a trade war against Beijing a year and a half ago over allegations of unfair trade practices, such as theft of US intellectual property and subsidies that unfairly benefit Chinese state-owned companies.