Trump: US-China phase one trade deal signing to occur next month
Trump rings in the New Year with a trade deal signing date
The phase one trade deal between the U.S. and China will be official next month.
“I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” President Trump tweeted Tuesday, adding that the ceremony will "take place at the White House" with high-level representatives from China.
U.S. equity markets won back their early losses in response to the president's tweet.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
The partial trade deal, which was agreed to on Dec. 12, calls for Beijing to purchase $200 billion worth of U.S. products over the next two years, in addition to protecting against intellectual property theft and technology transfer.
In return, the U.S. has agreed to reduce its tariffs on Chinese goods, but will still levy duties against $380 billion of those products.
The president's tweet comes a day after Peter Navarro, White House assistant for trade and manufacturing policy, told Fox News that a signing could happen within the week as the two sides were just waiting on the translation of the agreement. Earlier on Monday, the South China Morning Post reported Liu He, China's top trade negotiator, would head to Washington on Saturday to sign off on the deal.
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Trump has said a comprehensive trade pact could occur over two or three phases.