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China, US sign phase-one trade deal, adding certainty to global economy

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U.S. President Donald Trump and Chinese Vice Premier Liu He, who is also a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-U.S. comprehensive economic dialogue, show the signed China-U.S. phase-one economic and trade agreement during a ceremony at the East Room of the White House in Washington D.C., the United States, Jan. 15, 2020. [Photo/Xinhua]

Warm responses

The phase-one deal, expected to bring mutual benefit to industries, businesses and consumers of both nations, is well received by U.S. analysts, business and farming communities and financial markets.

U.S. Chamber of Commerce CEO Thomas Donohue said in a statement released Wednesday that this deal provides "much needed certainty" to U.S. businesses as they begin the new year.

"We commend both governments for staying the course and taking this important step to rebuild trust and restore some stability in the world's most important commercial relationship," Donohue said.

Noting that there's a lot of excitement in the U.S. business community, U.S.-China Business Council President Craig Allen told Xinhua in a recent interview that the agreement is good for both the Chinese side and the U.S. side.

Rick Kimberley, president of Kimberley Farms Inc. in the U.S. State of Iowa, told Xinhua he is "pleased" to see that the phase-one deal has been signed, calling it definitely a step in the right direction.

In a recent interview with Xinhua, Tyler Stafslien, a North Dakota-based soybean farmer, said the signing of the phase-one deal signifies to him that "the United States and China are on a path back towards more normalized trading."

David Dollar, a senior fellow in the John L. Thornton China Center at the Brookings Institution, told Xinhua that "markets are relieved that the phase-one deal means that the U.S.-China trade war is not escalating," adding that 2020 looks set to be a more stable year in terms of trade policy.

U.S. markets closed at record highs Wednesday after the signing of the widely-anticipated trade deal, with the Dow Jones Industrial Average ending the trading day at 29,030.22.

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