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President Trump, speaking at the White House, said: “We’ve come to a very substantial phase one deal”...adding it will take three to five weeks to get written. The deal includes intellectual property, financial services and $40-$50 billion related to agriculture products. It is unclear what the U.S will give up in return and a comprehensive trade deal will have two or three phases.
The U.S. will not be raising tariffs on the Chinese next week to the 30 percent level as part of this agreement.
Earlier today Trump teased the ease of cementing the agreement with the stroke of a pen in a tweet on Friday.
"One of the great things about the China Deal is the fact that, for various reasons, we do not have to go through the very long and politically complex Congressional Approval Process. When the deal is fully negotiated, I sign it myself on behalf of our Country. Fast and Clean!"
"China is the real fight" Dan Clifton, head of policy research at Strategas Research Partners, tells FOX Business, adding that "We also need to shore up all the other trade deals out there."
China coming together creates a trifecta for the White House and its trade team, which consists of Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer as well as White House trade adviser Peter Navarro and Commerce Secretary Wilbur Ross.
In September, the first phase of a trade deal between the U.S. and Japan came together with Trump and Japanese President Shinzo Abe at the United Nations.
Trump said Japan will open new markets to approximately $7 billion in U.S. agriculture products, including beef, pork, wheat, cheese, corn, wine and more.
"Under the new agreement, I believe we've successfully covered a wide range of areas including agricultural products and digital trade. I'm convinced that now with these two agreements in place, we'll be able to develop both economies of Japan and the U.S. as we move forward," said Prime Minister Shinzo Abe at the time, speaking at the U.N.
The two leaders signed the initial agreement sitting side by side.
And the United States-Mexico-Canada Agreement is all but done with Trump urging Congress to pass the deal which replaces the North American Free Trade Agreement, also known as NAFTA.
“USMCA is a giant victory for our farmers, rangers and workers," Trump said at a rally in Minnesota on Thursday.
“Congress should pass USMCA immediately. We hope that Nancy Pelosi can start to think about passing some legislation instead of thinking about nonsense.”
For Pelosi’s part, she has indicated Congress is moving toward passing the deal even while pushing an impeachment inquiry.
“We’re moving ahead on USMCA hoping to be on a path, a continuing path to ‘yes,’” Pelosi, the House speaker, told reporters last month.
If passed, USMCA will create 176,000 jobs and will add $68.2 billion to the U.S. economy, according to the U.S. International Trade Commission.