US, China sign long-awaited 'phase one' trade deal

President Donald Trump signed a long-awaited "phase one" trade deal with China on Wednesday, which includes a massive increase in exports to the Asian economic power.

China agreed to buy $200 billion more in US goods over two years than it did in 2017 before the trade war erupted, according to the agreement signed Wednesday.

That includes an additional $32 billion in American farm products and seafood, nearly $78 billion in manufactured goods like aircraft, machinery and steel, and $52 billion in energy products.

The administration was "righting the wrongs of the past", Trump said before the deal signing.

In a press conference attended by US vice-president Pence and China's Vice Premier Liu He, Trump asserted that the US-China trade deal contains "substantial and enforceable commitments". However, the president stated that US trade tariffs will remain on China until phase two is completed.

Also Read: Trump officially confirms trade deal with China

The deal which was reached after months of tense negotiations on both sides was finally settled by the key negotiators of the world's two biggest economies.

Trump also informed that he would be visiting China in the "not too distant future", while adding that President Xi was a "good friend".

Trump hailed the "momentous" US-China trade deal, stating: "Today, we take a momentous step, one that's never taken before with China that will ensure fair and reciprocal trade."

"Together, we are righting the wrongs of the past," Trump said.