US President Donald Trump and Chinese Vice Premier Liu He signed a phase one trade deal at the White House on Wednesday morning, ending a nearly two-year-long trade war between the world’s two biggest economies, reported Caixin.
The signing concluded lengthy on-and-off negotiations and formalized an 86-page accord reached in December in which the US agreed to halve tariffs on $120 billion of Chinese goods to 7.5% and suspend plans for additional tariffs, while China pledged to buy $40 billion of agricultural products from the US, among other market-opening commitments.
At the signing, Liu read a letter from Chinese leader Xi Jinping, who said the deal shows how the two countries can act on the basis of equality and resolve differences and find solutions through dialogue. Xi also called for the US to “treat fairly” Chinese companies that attempt to do business with US companies.
No date has been set for the start of further negotiations, but Trump last week vowed to start discussing a phase two trade deal “right away.” His goal is to finish a complete trade deal after the November election, he said.