US President Donald Trump announced that he would finalize the trade deal between China and the US and that he and Chinese President Xi Jinping would participate in a signing ceremony soon. He claimed that it would signify the finality of phase one of the trade deal and that both parties have agreed to materialize the trade deal by January of 2020.
US President Donald Trump told reporters this week that, "We will be having a signing ceremony, yes... We will ultimately, yes, when we get together. And we'll be having a quicker signing because we want to get it done. The deal is done, it's just being translated right now," reported Windsor Star.
Initially, US trade representative Robert Lihgthizer announced last December 13, 2019, that representatives from the US and China would finally, sign the trade deal and complete phase one of the trade agreement within the first week of January 2020. Furthermore, Chinese foreign ministry spokesman Geng Shuang mirrored Lighthizer's statement and claimed last Wednesday that both countries are constantly in agreement over the past few weeks.
Geng said that the US and Chinese economic trade teams constantly communicate with one another and are finalizing the detailed trade agreements. He also claimed that the signing and other follow-up work are near completion and would be finalized before the signing ceremony.
However, Beijing has not yet confirmed its stand or its sentiment after Trump's announcement. The report claimed that there have been no confirmed specific components of the trade deal between China and the US and have not mirrored the statements released by the US officials other than Geng's statement.
According to a spokesman of China's Commerce Ministry, the details of the trade deal would only be made public after the official signing has been completed.
According to BBC News reported that the China-US trade war has significantly affected the global economy. The report claimed that it has led to fundamental shifts in how the entities who participate in global trade does businesses.
The network's business correspondent Karishma Vaswani, global trade has been modified in areas involving other trade deals that the US engaged in. She claimed that cracks were exposed in the North Atlantic Treaty Organization, a breakdown in the Paris climate accord, and the NATO alliance.
Vaswani also claimed that there have been issues on privacy and national security with the US's relations with China and that the US is not moving in the same direction as a global community.
