U.S. President Donald Trump stated, the United States and China would “very shortly” sign the so-called Phase One trade pact.

“We just achieved a breakthrough on the trade deal and we will be signing it very shortly,” said Trump at a Turning Point USA event in Florida.

The Phase One is part of a bid by the United States and China to tapper down the escalating trade war between the world’s two largest economies.

Under the terms of the Phase One trade agreement, the United States would agree to trim some of its tariffs in exchange for an increase in purchase of U.S. farm products by China.

Last week, Treasury Secretary Steven Mnuchin had said, the trade deal would be signed in early January.

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