US and China agree on first phase of Trade Deal.

US and China agree on first phase of Trade Deal.

The US and China have agreed to the first phase of the historic Trade Deal. This is big news for the world economy. After almost 1.5 years of trade war, both countries softened the trend on Friday and made a historic first phase trade deal. US President Donald Trump gave this information through a series of tweets on Friday. At the same time, China's Deputy Commerce Minister Wang Shouwen also confirmed this, saying that the two sides have agreed to reach an important point of business negotiations for the first phase of the deal.

As part of the first phase of negotiations, China has agreed to change its economic and business system on issues such as Intellectual Property, Technology Transfer, Agriculture, Financial Services and Currency and Foreign Exchange. China has also agreed that it will increase the purchase of goods and services from the US in the coming years. The trade deficit between China and the US has been the most important aspect of this trade war. Most importantly, the two countries have agreed to put in place an extremely strong dispute settlement mechanism, through which disputes will be settled as quickly and effectively as possible.

The US has also agreed to a major change in its business laws as the two countries reached a trade agreement. In his tweet, Trump said, "We have agreed to a huge first phase deal. China has agreed to a structural change in its laws for large-scale purchases from the US in agricultural products, energy, manufactured goods and many other areas. '