US President announced phase-one China trade deal

U.S. President Donald Trump said he will sign the first phase of a trade deal with China on Jan. 15, sealing an agreement that sees the Asian nation raising purchases of American farm goods in exchange for lower tariffs on some of its products, Agweb.com reports.

"The ceremony will take place at the White House," he said on his Twitter account Tuesday, adding he will be going to Beijing, where talks will begin on the second phase of the deal.

The deal, announced Dec. 13, sees the U.S. suspending plans for new tariffs on USD 160 bln of Chinese imports and reducing some existing levies. China agreed to increase its purchases of American agricultural products and has made new commitments on intellectual property protections, forced technology transfers by U.S. companies and currency practices.

The precise terms of the 86-page agreement have not been revealed. U.S. Trade Representative Robert Lighthizer said Dec. 13 he expected to sign the accord together with his Chinese counterpart, Vice Premier Liu He, in early January in Washington, and that it would be released publicly then.

As a reminder, Asia is expected to be a key driver of the gradual recovery of the poultry market in 2020.