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US, China trade deal after Jan. 15, says President Trump

Mr Donald Trump, the US President, has said that the phase one trade deal with China is likely to be signed shortly after January 15. He was speaking to a US television channel, said a report.


The phase 1 deal, struck last month, is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property.
 

China would buy $50bn worth of US farm products under the deal 

Trump said again that China would buy $50bn worth of US farm products under the deal, but details have not been confirmed by the US and Chinese negotiators. 

Chinese Vice Premier, Mr Liu He, head of the country’s negotiating team in the Sino-US trade talks, will sign the deal in Washington, China’s Commerce Ministry said, as per the report. 

US and Chinese officials said the agreement includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.

The White House has said the deal includes improvements on the technology transfers requirements that Beijing imposes on foreign companies, as well as better access to the Chinese market for financial services.

Strong dispute resolution system in the agreement

"Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement," US Trade Representative Robert Lighthizer said.

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