Trump, Xi Jinping to sign 'phase one' of US-China trade agreement

United States President Donald Trump said on December 24 that he and Chinese President Xi Jinping will have a signing ceremony for 'first phase' of US-China tre deal agreed to this month. Trump told reporters that re will be a signing ceremony when two leers will get toger. US President furr ded that it would be a 'quicker signing' because he and Xi 'want to get it done' and deal is complete.

US Tre Representative Robert Lighthizer said on December 13 that representatives from both countries would sign Phase I tre deal agreement in first week of January. However, Beijing has t yet confirmed specific components of deal that were released by US officials. 

Re - Modi-Xi Bonhomie Plays Key Role In Stability Of India-China Relations

Tre deal after two and a half years

After nearly two and a half years, a deal has been in negotiations between Washington and Beijing. This agreement will reportedly reduce a part of US tariffs on Chinese goods in exchange for increased purchases of US agricultural, manufactured and energy products by some $200 billion over span of two years. Beijing has even promised protection of US intellectual property. This will curb coerced transfer of American techlogy to Chinese firms and open country's financial services market to American firms along with avoiding manipulation of currency. However, date to officially sign tre agreement has still t been decided.

Re - China Wants US To 'deliver What Was Agreed' During Singapore Summit

Increase in Chinese purchases expected

American agricultural products sales are expected to increase from $40 billion to $50 billion annually for next two years through Chinese purchases. In 2017, US has exported nearly $24 billion farm products in China and even last full year, before greatest tre war in history began in July 2018.

president of American Chamber of Commerce in Shangai, Ker Gibbs reportedly said that for an agreement between Washington and Beijing, key areas shall be enforcement mechanisms along with agricultural purchases. However, it has also been ackwledged that in case se purchases fail to happen way y are planned by officials, it would give rise to yet ar 'credibility issue' which would make things backwards.

Re - Japan Stocks Lower, China Little-changed On Christmas Day

Several Chinese officials have told an international news ncy that wordings of tre pact still remain a delicate issue in current st of negotiations. According to a Beijing report, first st of agreement is a 'phased achievement'. However, it still does t mean that tre disputes between both ecomies will be 'settled once and for all'. deal has suspended ar round of threatening US tariffs on a $160 billion list of Chinese imports that were expected to be on effect since December 15.

Re - China Me Efforts To Defuse Tensions Between India-Pakistan: Wang

(With ncy inputs)