US president, Donald Trump, has announced he will sign a long-awaited trade agreement with China on 15 January, the first phase of which is expected to reduce tensions between the two competing economic giants.
The US president said the treaty would be signed in Washington in the presence of “high level representatives” from China.
“At a later date I will be going to Beijing where talks will begin on Phase Two!” Mr Trump wrote on Twitter.
The US president recently called off plans for tariff increases on Chinese goods, citing progress on the deal. China is said to have promised to increase purchases of US agricultural products and boost intellectual property protections, while the US rolled back some tariffs.
Mr Trump previously said he wanted to see a wide-ranging deal, which he would sign with President Xi Jinping. However, the US has left some of its biggest issues, such as China’s subsidies for certain firms, for further discussions.
Since the start of the trade war, the two sides have raised import taxes on hundreds of billions of dollars worth of exports, unnerving markets and hurting global economic growth.
In the US, the spat has particularly affected farmers, a vital political constituency Mr Trump would not want to lose.
Stock markets reportedly improved in December, and this was attributed to anticipations that the pact would resolve the uncertainties generated by the trade tensions.