(Bloomberg) -- U.S. President Donald Trump said he will sign the first phase of a trade deal with China on Jan. 15, sealing an agreement that sees the Asian nation raising purchases of American farm goods in exchange for lower tariffs on some of its products. The date has yet to be confirmed by the Chinese side.“The ceremony will take place at the White House,” Trump said on his Twitter account Tuesday, adding he will be going to Beijing, where talks will begin on the second phase of the deal.Chinese Ministry of Foreign Affairs spokesman Geng Shuang on Thursday referred a question on the signing to the Ministry of Commerce. The commerce ministry did not respond to an earlier fax seeking comment.Despite the lack of clarity on the signing date, Beijing is still indicating it also wants the deal. A commentary on the front page of People’s Daily on Tuesday said, “it is every one’s wish that China and the U.S. will sign the phase one agreement.”The deal, announced Dec. 13, sees the U.S. suspending plans for new tariffs on $160 billion of Chinese imports including smart-phones and toys and reducing some existing levies. China agreed to increase its purchases of American agricultural products and has made new commitments on intellectual property protections, forced technology transfers by U.S. companies and currency practices. The move at least temporarily calms fears of an escalating trade war between the world’s two largest economies.The precise terms of the 86-page agreement have not been revealed. U.S. Trade Representative Robert Lighthizer said Dec. 13 he expected to sign the accord together with his Chinese counterpart, Vice Premier Liu He, in early January in Washington, and that it would be released publicly then.(Corrects Chinese Ministry of Foreign Affairs comment in third paragraph.)\--With assistance from Miao Han and April Ma.To contact the reporter on this story: Ana Monteiro in Johannesburg at amonteiro4@bloomberg.netTo contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Jeffrey Black, Jiyeun LeeFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
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(Bloomberg) -- U.S. President Donald Trump said he will sign the first phase of a trade deal with China on Jan. 15, sealing an agreement that sees the Asian nation raising purchases of American farm goods in exchange for lower tariffs on some of its products. The date has yet to be confirmed by the Chinese side.“The ceremony will take place at the White House,” Trump said on his Twitter account Tuesday, adding he will be going to Beijing, where talks will begin on the second phase of the deal.Chinese Ministry of Foreign Affairs spokesman Geng Shuang on Thursday referred a question on the signing to the Ministry of Commerce. The commerce ministry did not respond to an earlier fax seeking comment.Despite the lack of clarity on the signing date, Beijing is still indicating it also wants the deal. A commentary on the front page of People’s Daily on Tuesday said, “it is every one’s wish that China and the U.S. will sign the phase one agreement.”The deal, announced Dec. 13, sees the U.S. suspending plans for new tariffs on $160 billion of Chinese imports including smart-phones and toys and reducing some existing levies. China agreed to increase its purchases of American agricultural products and has made new commitments on intellectual property protections, forced technology transfers by U.S. companies and currency practices. The move at least temporarily calms fears of an escalating trade war between the world’s two largest economies.The precise terms of the 86-page agreement have not been revealed. U.S. Trade Representative Robert Lighthizer said Dec. 13 he expected to sign the accord together with his Chinese counterpart, Vice Premier Liu He, in early January in Washington, and that it would be released publicly then.(Corrects Chinese Ministry of Foreign Affairs comment in third paragraph.)\--With assistance from Miao Han and April Ma.To contact the reporter on this story: Ana Monteiro in Johannesburg at amonteiro4@bloomberg.netTo contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Jeffrey Black, Jiyeun LeeFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
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