Trump says he’ll sign first-step China trade deal on January 15

WEST PALM BEACH, Florida (AP) — The first phase of a United States-China trade agreement will be inked at the White House in mid-January, President Donald Trump announced Tuesday, adding that he will visit Beijing at a later date to open another round of talks aimed at resolving other sticking points in the relationship.

The so-called “Phase One” agreement is smaller than the comprehensive deal Trump had hoped for and leaves many of the thorniest issues between the two countries for future talks.

Few economists expect any resolution of “Phase Two” before the presidential election in 2020.

And the two sides have yet to release detailed documentation of the pact, making it difficult to evaluate.

Trump said high-level Chinese government officials will attend the signing on January 15 of “our very large and comprehensive Phase One Trade Deal with China.”

“At a later date, I will be going to Beijing where talks will begin on Phase Two!” Trump said in his tweet. He did not announce a date for the visit.

China has agreed to boost its US goods imports by $200 billion over two years, the US Trade Representative said December 13 when the deal was announced.

That includes increased purchases of soybeans and other farm goods that would reach $40 billion a year.

China has also agreed to stop forcing US companies to hand over technology and trade secrets as a condition for gaining access to China’s vast market, demands that had frustrated many American businesses.

In return, the Trump administration dropped plans to impose tariffs on $160 billion of Chinese goods, including many consumer items such as smartphones, toys and clothes.

The US also cut tariffs on another $112 billion of Chinese goods from 15% to 7.5%.

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