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Trump says he’ll discuss a ‘Phase Two’ agreement with China after signing first deal

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FILE - In this Dec. 24, 2019 photo, President Donald Trump speaks to members of the media following a Christmas Eve video teleconference with members of the military at his Mar-a-Lago estate in Palm Beach, Fla. As a candidate for the White House, Donald Trump repeatedly promised that he would “immediately” replace President Barack Obama’s health care law with a plan of his own that would provide “insurance for everybody.” Back then, Trump made it sound that his plan — “much less expensive and much better” than the Affordable Care Act — was imminent. And he put drug companies on notice that their pricing power no longer would be “politically protected.” Nearly three years after taking office, Americans still are waiting for Trump’s big reveal. (AP Photo/Andrew Harnik)Associated Press

  • President Trump said on Tuesday that he will travel to Beijing to discuss a “Phase Two” trade deal after signing the preliminary agreement.
  • A signing ceremony for the phase-one deal will be held at the White House on January 15, the president tweeted.
  • The phase-one agreement marks the first major de-escalation of the global trade conflict, and helped boost US stocks to record highs through the last weeks of 2019.
  • Visit the Business Insider homepage for more stories.

President Trump said he will travel to Beijing to discuss a “Phase-Two” trade deal after signing a preliminary agreement in two weeks.

A signing ceremony for the phase-one deal will be held at the White House on January 15 and include “high level representatives of China,” the president tweeted Tuesday morning.

“I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15,” Trump tweeted. “At a later date I will be going to Beijing where talks will begin on Phase Two!”

US Trade Representative Robert Lighthizer said earlier in December that the two nations were planning to sign the phase-one deal in January. Legal review and a translation process for the deal are expected to be finished in the first week of January, he added.

The preliminary deal was first announced on December 13.

The trade agreement marks the first major de-escalation of the 18-month conflict between the economic superpowers. The phase-one deal canceled about $160 billion worth of tariffs on Chinese goods set to take effect on December 15. China pledged to increase its purchases of US produce and made new commitments to curb intellectual property theft. The agreement also pauses further escalation in the trade conflict.

China’s top trade negotiator, Vice Premier Liu He, accepted an invitation to lead a delegation to Washington on Saturday, the South China Morning Post first reported Monday.

News of the phase-one deal helped prop up US stocks through the last weeks of 2019. The S&P 500 index is on track to post its best yearly performance since 2013, rising 28% year-to-date as tech giants fuel the record-long bull run.

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