US, China Sign Phase One Trade Agreement

US, China Sign Phase One Trade Agreement

WASHINGTON (UrduPoint News / Sputnik - 15th January, 2020) The United States and China signed the first part of the bilateral trade deal at a White House ceremony on Wednesday.

The 86-page agreement, known as "Phase One," was inked by US President Donald Trump and Chinese Vice Premier Liu He before 200 guests.

The deal put on hold the trade war between the two largest world economies and is expected to be followed by additional talks to iron our remaining differences.

Trump administration officials have said that as part of the Phase One trade deal, China is supposed to purchase up to $50 billion in US farm products annually and a total of $200 billion of US goods over the next two years - in exchange for lifting tariffs imposed on Chinese goods.

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