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US, China sign Phase 1 of trade deal; tariffs remain in place

"I'll be going over to China in the not-too-distant future to reciprocate," US President Donald Trump said.

January 16, 2020 / 02:38 PM IST

The US on January 15 signed the first phase of a trade deal with China, which President Donald Trump described as historic, concluding more than a year of tough negotiations including several months of suspension of talks between the two largest economies of the world.

The first phase of the trade deal includes Intellectual Property (IP) Protection and Enforcement, ending forced technology transfer, dramatic expansion of American agriculture, removing barriers to American financial services, ending currency manipulation, rebalancing the US-China trade relationship and effective dispute resolution.

The agreement was signed by President Trump and Chinese Vice Premier Liu He, Politburo Member and Vice Premier of the People's Republic of China.

In his remarks, Trump called the trade agreement signing "a momentous step...to a future of fair and reciprocal trade."