Trump Confirms Phase One Trade Deal to be Signed on January 15
On Tuesday, US President Donald Trump finally put an end to a significant amount of uncertainty in markets when he confirmed that the US-China phase one deal will be signed on January 15 at the White House. Trump took to Twitter to announce that he will be signing the deal with his Chinese counterpart and will also be traveling to Beijing to set the ball rolling on phase two of the trade negotiations.
A week ago, Trump had suggested that there will be a signing ceremony when the partial deal will be signed by both world leaders. The phase one trade deal will be the first step towards ending a trade war that has dragged on for nearly 18 months between the world’s largest economies.
The first phase of the trade agreement is limited in scope and focuses more on increasing agricultural products’ purchases by China in exchange for suspending and reducing some tariffs by the US on Chinese imports. The more contentious issues of forced technology transfers and IP protection are likely to be tackled in the second phase of the trade deal.
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