The United State and China have signed the first phase of a trade deal, ending more than a year of tough negotiations including several months of suspension of talks between the two largest economies of the world.
In his remarks, President Donald Trump called the trade agreement signing a momentous step to a future of fair and reciprocal trade. The first phase of the trade deal includes Intellectual Property (IP) Protection and Enforcement, rebalancing the US-China trade relationship and effective dispute resolution. The deal was signed by President Trump and Chinese Vice Premier Liu He in Washington.
However, President Trump has refused to roll back the massive tariff imposed on the import of Chinese goods. During a signing ceremony at the White House, Trump said he will roll back the tariffs only if the second phase of the trade deal is signed between the two countries. The trade deal is considered as a major political and diplomatic victory for Trump. US President asserted that he will continue with his policies on tariffs.