USA and China finally sign phase 1 trade deal!

USA and China finally sign phase 1 trade deal!

US leader Donald Trump and China's Deputy Prime Minister Liú Hè signed the first phase of the deal at the White House on Wednesday, January 15.

According to Trump, the first phase of the agreement contains, in particular, restrictions on yuan exchange rate. At the same time, the US president said that the deal does not include the abolition of trade tariffs for goods from China. America is ready to drop the tariffs in the second part of the talks and deal though.

The deal also aims to open Chinese markets to more American companies, increase agricultural and energy exports and provide better protection for US technology and trade secrets. In particular, China has pledged to purchase additional US $200 billion worth of US goods and services by 2021, and is expected to reduce some of the tariffs it imposed on US goods.

“Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families,” Trump said at the signing ceremony.

Trump also noted that the deal between the United States and China will help stabilizing relations between the countries.