The US and China will have a signing ceremony for the phase one trade deal which will be attended by the two nations’ presidents, as confirmed by US President Donald Trump on Tuesday. According to Trump, “The deal is done, it’s just being translated right now.”

US Trade Representative Robert Lighthizer had previously confirmed that the phase one deal would be inked sometime in early January. His statements have boosted the market sentiment and raised hopes towards a resolution of the trade war, which markets await eagerly.

China, on the other hand, has had a relatively muted reaction to the finalizing of the trade deal so far. The Chinese Commerce Ministry had let on earlier that details would be revealed only after the partial deal was officially signed between the two countries.

The phase one trade deal, which was announced back in October, will see the US suspending some tariff hikes and halving others against some Chinese goods. In exchange, China has committed to increase its purchases of US agricultural products.