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US and China sign Phase One trade agreement

US President Donald Trump and Chinese Vice Premier Liu He on Wednesday signed the so-called Phase One trade deal meant to ease tensions between the world's largest economies at an event in the White House.

US President Donald Trump and Chinese Vice Premier Liu He on Wednesday signed the so-called Phase One trade deal meant to ease tensions between the world’s largest economies at an event in the White House.

“It just doesn’t get any bigger than this … Keeping these two giant and powerful nations together in harmony is so important for the world. The world is watching today,” Trump said, as the two sat down to put their signatures on the deal, after a 75-minute ceremony.

The deal is due to go into effect next month.

China has committed to buying some 200 billion dollars’ worth of US goods over two years, including tens of billions of agricultural products.

The deal also contains an enforcement mechanism. Trump said that if a Phase Two agreement is reached, tariffs on China will be rolled back.

“Today, we take a momentous step one that has never been taken before with China toward a future of fair and reciprocal trade as we sign phase one of the historic trade deal,” Trump said. “Together, we are righting the wrongs of the past.”

“It is good for China, for the United States and for the world,” said Liu.

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