First phase of US-China trade deal to be signed on 15 January
January 09, 2020
US President Donald Trump announced on Twitter that he would sign the first phase of a deal with China on 15 January, calming a trade war that has seen the imposition of billions of dollars worth of tariffs since July 2018, Bloomberg reports.
The deal, announced on 13 December, includes the USA suspending US$160bn worth of tariffs on Chinese imports, increased Chinese agricultural purchases and structural changes to intellectual property and technology issues, the initial trigger for the trade war.
“The ceremony [signing] will take place at the White House,” Trump said on his Twitter account on 31 December, adding that he would be going to Beijing to begin talks on the second phase of their deal.
The trade war between the world’s two largest economies has taken a toll on world economic growth and hit American soyabean farmers particularly hard. China was the top buyer of US soyabeans before the trade war began.