President Donald Trump said on Thursday that the US would sign the first phase of an upcoming trade agreement with China on 15 January.
The trade envoy from Beijing Vice Prime Minister Liu He is scheduled to visit the United States next week to sign “Phase 1” of the interim agreement, marking a break in the two-year trade war between both sides.
“One of many other things, as you know, we register with China, possibly on 15 January,” reporters told Trump at a White House event in Washington.
Chinese Ministry of Commerce Gao Feng said Thursday that Liu would head a delegation to the US from Monday to Wednesday.
The “Phase One” of the deal, said Trump, is “a large proportion of the deal.” “Some would say half. Some would say half. Some people would say a little less than half, but it’s a considerable percentage. It’s pretty much everything for farmers as well as bankers, “he replied.
“We have rules for many different things as well. People will be shocked to see. But it’s a big part of it, and we’ll start negotiating phase 2 right away, “said Trump. Nevertheless, he says talks “will take a little time” in the second phase. “I guess I should wait until after the election, because I believe that we can make a little better deal, perhaps a lot better,” said Trump.
The US had delayed scheduled tariff increases following the October declaration of “Phase One.” Nonetheless, previous punitive duties on billion dollars of goods levied by China and the US, impacting global trade, remained in place.
Phase one, Trump said, could amount to up to USD 50 billion in agricultural production. That’s several times more than in the past, the president said. “It will have a significant impact, and I see that farm prices are rising. I see maize— there have been some significant increases over the last few years. Cattle did so very well. I liked the farmers anyway. This is what I want about the producers, “said Trump.
He said that the trade agreement with China is excellent for farmers and banks. “Great for companies in finance. A lot. Then we’ll discuss China’s opening and various other things in Phase Two,” Trump said.