US Trade Representative Robert Lighthizer confirmed on Sunday that the phase one trade deal between the US and China has been finalized and is expected to increase US exports to China by nearly twice over the next two years. What remains for now is the translation and revisions to the text of the agreement which is getting ready to be inked.

Lighthizer made these comments during an interview with CBS News, adding that the date on when the phase one deal will be signed remains to be finalized. The partial trade deal was confirmed by both nations just in time on Friday, a couple of days before the next round of tariff hikes were to be implemented on Chinese imports.

According to the latest updates, China has agreed to import more farm goods and other products from the US in exchange for reduction of certain tariffs on Chinese imports by the US. China has also confirmed that it will take steps to improve US IP protection, curb the practice of forced technology transfers, open up its financial services sector to allow entry of US businesses and even avoid manipulation of the yuan.

In addition, the phase one trade deal will also enable China to import an additional $50 billion worth of US agricultural products over the next couple of years, up from around $24 billion imported during 2017. Meanwhile, the US has agreed to suspend the proposed tariff hikes which were due to roll-out on December 15 and, in addition, will bring down tariff hikes from 15% to 7.5% on another $120 billion worth of Chinese electronic goods.