Trump says Phase 1 trade deal with China to be signed Jan. 15

Dec. 31 (UPI) -- U.S. President Donald Trump announced Tuesday he will sign a Phase 1 trade agreement with Chinese officials Jan. 15 at the White House.

In a Twitter post, Trump said "high level representatives of China will be present" at a signing ceremony that day, while also promising he would be going to Beijing at a later date "where talks will begin on Phase Two!"

U.S. Trade Representative Robert Lighthizer said earlier this month he was aiming to have the Phase 1 deal signed by the first week of January.

The agreement is seen as a significant de-escalation of the bitter trade war between China and the Trump administration.

Under the proposed deal, beginning Jan. 1 China will lower tariffs on more than 850 foreign imports -- from pork to semiconductors -- to promote the "free flow" of trade. The lowered tariffs will affect pork, semiconductor equipment, memory chips and certain medicines, among several other products.

The agreement also includes the removal of unspecified U.S tariffs on Chinese goods in phases and promises the Asian nation would purchase U.S. agricultural products.

Trump said a 25 percent tariff on $250 billion worth of Chinese imports would remain, while levies on $120 billion worth other Chinese products would be cut to 7.5 percent.

The president's announcement of the signing date came a day after a published report indicated Chinese Vice-Premier Liu He and a trade delegation would travel to Washington on Saturday.

Citing "a source briefed on the matter," the Hong Kong-based South China Morning Post reported Liu, Beijing's chief trade negotiator, and fellow officials would be in the country for "a few days" until the middle of next week for the signing of the Phase 1 deal.

"Washington has sent an invitation and Beijing has accepted it," said newspaper's source said.