The first week of January is expected to see a breakthrough in the China-U.S. Trade deal that has rocked global markets and economies. A source said China's top trade negotiator and Vice-Premier Liu He would sign phase one of the trade agreement within a few days.
A source close to the situation told the South China Morning Post on Monday that Liu is expected to travel to Washington on Saturday to supposedly sign phase one of the highly elusive China-U.S. Trade agreement.
Speaking anonymously due to the sensitivity of the matter, the source said, Liu's negotiating team is expected to be in the United States for a couple of days following the White House invitation that Beijing accepted.
It is worth noting, though, that both sides have yet to officially confirm the source's information. The Chinese Ministry of Commerce also has yet to air a statement regarding the matter.
Hopes have been high for the two economic powers to finally reach a deal before the trade war is extended further, especially with optimistic signals coming from both parties over the past few weeks.
While the trade war has largely dampened business sentiment and also led to shocking downtrends in global markets, it is expected that the signing of the phase one trade deal will help ease market and investor concerns about the global economy.
Before the source's information was revealed on Monday, U.S. trade representative Robert Lighthizer previously announced that "faze one" would be inked by the "first week of January."
Furthermore, U.S. President Donald Trump said earlier this month that a "signing ceremony" would be held between him and Chinese President Xi Jinping. However, the Chinese side has yet to drop an official or potential signing date.
Details of the deal have yet to be unveiled to the public. On the other hand, it is widely speculated that China will purchase a massive amount of American goods over the next few months as part of the agreement.
The China-U.S. trade dispute officially kicked off July last year, when Washington implemented 25 percent in tariffs on an estimated $34 billion Chinese products. Beijing slapped back tariffs on American goods with the same amount.
In mid-December, multiple outlets reported that Trump signed off on the terms of the phase one deal. According to BBC, global stocks rallied on that day to show hopes for the two sides' agreement.
The two nations have been re-escalating their trade dispute since it started and negotiations have long been keeping markets confused or frustrated with slow progress.
Economic experts said signing of phase one would most likely result in an uptick on indexes and improved economic figures within the next few quarters, especially if the two economic giants agree on equal benefits.
