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."
A former organizer of the far-right Proud Boys extremist group was sentenced on Thursday to 17 years in prison for spearheading an attack on the U.S. Capitol to prevent the peaceful transfer of power from Donald Trump to Joe Biden after the 2020 presidential election.
Former President Donald Trump has pleaded not guilty and waived arraignment in the case accusing him and others of illegally trying to overturn the results of the 2020 election in Georgia.
The Biden administration will propose a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, reviving an Obama-era policy effort that was ultimately scuttled in court.
