President Donald Trump and Chinese Vice Premier Liu He signed phase one of a trade agreement Wednesday that aims to ease tensions between the two countries.
The Economic and Trade Agreement represents a halt in the almost two-year-long trade war, the Wall Street Journal previously reported. Phase one includes an agreement stating that China will give American companies more access to its financial services sector.
“Today we take a momentous step, one that has never been taken before with China, toward a future affair and reciprocal trade as we sign phase one of the historic trade deal between the United States and China,” Trump said Wednesday ahead of the signing.
“Together we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”
Some of the tariffs will be cut following the trade agreement, while others will remain, CBS News reported.
Wednesday’s agreement prevents China from changing its currency value and will aim to improve U.S. intellectual property for things like pharmaceuticals, according to the Wall Street Journal. (RELATED: Who Is Winning The Trade War – The US Or China?)
The trade deal also has a section that requires China and the U.S. to aim to resolve issues through three series of talks. Resolution talks would likely take around 90 days to complete.