Donald Trump on New Year’s Eve tweeted that “phase one” of the long-awaited trade deal between the US and China will be signed in Washington on 15 January. Further talks on phase two will reportedly begin in Beijing, where Trump will be traveling to himself “at a later date”.
A phase one deal could contribute greatly to pacifying relations between the world’s two largest economies, which have been engaged in a tit-for-tat trade war for the last two years.
According to Reuters, the text of the deal has not been shared with the public yet. In recent weeks, both sides have tried to roll back tensions – China had promised to buy more American agricultural products while the US rolled back some tariffs. Trump had earlier expressed interest in signing a wide-ranging comprehensive trade deal with the Middle Kingdom.
One year ago, there were widespread fears that sagging global growth and the US-China trade war would drag markets down. In hindsight, these fears have been proven wrong as 2019 has been one of the best years over the past decade for stocks. From the US and Brazil to Germany and India, stock markets reached record highs and maintained a bullish run for most of the year, The Wall Street Journal writes.