This major trade deal has been in the works for some time, ultimately bringing an end to a global economic crisis between the US and China.
Trump tweeted, “The ceremony will take place at the White House. High level representatives of China will be present. At a later date I will be going to Beijing where talks will begin on Phase Two!”
Phase One includes China’s increased purchases of American farm goods in exchange for China easing off on tariffs, which had intentionally been set in place for Americans who bought Chinese goods. However, some Chinese goods will still have 25 percent tariffs.
Phase One of the trade deal has boosted the world market now that the planet’s two largest economies are beginning to see eye to eye. While the deal was initially released in October, there had been no official timeline or texts associated with it until Trump announced the news today.
Earlier this month, Trump tweeted that the deal will include structural changes. These include agricultural products, energy and manufactured goods.
According to US News, the president will travel to Beijing next month for more trade negotiations.