The United States-China phase one trade deal is expected to be signed this week, according to reports by the South China Morning Post today.
Citing an unnamed source, the Chinese newspaper said Vice Premier Liu He will lead a delegation to Washington on Saturday where the deal will be signed.
Under the agreement, more favourable duties and other benefits are expected in agriculture, intellectual property and financial services.
Announcement of an initial deal between the two countries came two weeks ago when the Office of the United Trade Representative said it had reached “an historic and enforceable agreement” with China.
At the time, China’s Vice Minister of Commerce, Wang Shouwen, said “The Chinese side believes that as the top two economies of the world, China and the United States should bear in mind the larger interests in managing their economic and trade relations. Reaching the economic and trade agreement services the fundamental interests of our two peoples and people all over the world.”
The deal is expected to deescalate months of tension between the two nations, also the world’s largest economies. While neither side has confirmed the expected meeting, it was previous stated that the agreement would be signed in the first week of the New Year.