MOSCOW, January 16. /TASS/. US President Donald Trump said that the Phase One agreement to settle bilateral trade disputes with China the US and China signed on Wednesday, is "one of the greatest deals ever made."

"One of the greatest trade deals ever made! Also good for China and our long term relationship. 250 Billion Dollars will be coming back to our Country, and we are now in a great position for a Phase Two start. There has never been anything like this in U.S. history! USMCA NEXT," he wrote on Twitter. USMCA stands for the United States-Mexico-Canada Agreement.

US-China Phase One Trade Agreement

On Wednesday, US President Donald Trump and Vice Premier of the People's Republic of China, Liu He signed an agreement on the first phase of a deal to settle bilateral trade disputes. The ceremony took place at the White House. The volume of the trade agreement, according to the US President, will exceed $200 billion this year and will grow annually.

According to a White House statement, the phase one agreement is intended to ease US intellectual property concerns and "end its [China’s] practice of forcing foreign companies to transfer their technologies." It also "addresses a wide range of trade and investment barriers that have prevented American financial services companies from being able to compete in China." Besides, the reforms included in the agreement "include a strong dispute resolution system."

The ceremony of signing was attended by the secretaries of the treasury, trade, agriculture and transport. Other notable guests at the ceremony were President Trump’s daughter and senior adviser Ivanka Trump and her husband Jared Kushner, veteran US diplomat and former Secretary of State Henry Kissinger, billionaire Sheldon Adelson and representatives of major companies, such as Boeing, MasterCard, Visa and ConocoPhillips.