President Donald Trump said he would sign what he called a “very large and comprehensive” initial trade deal with China on January 15.

Trump had previously said the two leaders would have a signing ceremony for Phase One next month. Through the deal, first announced on December 13, China will increase purchases of American farm goods and be subject to lower tariffs on some goods.

The U.S. and China reached the deal after almost two years of an escalating trade war between the world’s largest economies. The U.S. said it would decrease current tariffs and cancel new tariffs. China will increase purchases of U.S. goods and services.

The White House will leave 25 percent tariffs on $250 billion in Chinese goods in place but halve tariffs to 7.5 percent on $120 billion in products such as smartphones.

Trump said he will go to Beijing to begin talks on the second phase of the trade deal "at a later date."

Share:
More In Politics
Manhattan DA Sues Rep. Jordan Over Trump Indictment Inquiry
Manhattan District Attorney Alvin Bragg filed a federal lawsuit against Rep. Jim Jordan on Tuesday, accusing the Republican of a “transparent campaign to intimidate and attack” him over his prosecution of former President Donald Trump.
Expelled Tennessee Lawmakers Both Seeking Seats Again
Nashville city councilors will likely appoint Justin Jones to his former seat on Monday while Memphis-area county commissioners will soon announce when they'll meet to fill the vacancy left by the expulsion of Justin Pearson, which Pearson himself is eligible to fill.
Load More