China and the United States formally signed on Wednesday phase one of trade agreement in a ceremony that was conducted at the White House in Washington D.C..

Chinese Vice Premier Liu He and U.S. President Donald Trump signed the trade deal that Trump said is a much bigger deal that includes protection of intellectual property among other things.

"It is a great deal for both countries, China is helping us with North Korea China is giving us a lot of help and we are giving them a lot of help. China has made substantial commitments towards protection of intellectual ideas as well as protection against piracy." Trump said.

Earlier on Trump said "Today, we are taking a momentous step towards a future of fair and reciprocal trade. Together we are righting the wrong of the past."

He claims that the Phase One trade deal will provide economic security for US families, businesses and farmers.

And in a piece of classic Trump, the president says that many people thought such a deal was impossible, but it should have happened a long time ago.

Trump speaks warmly of Liu He being a friend, and says he will visit China in the "not too distant future".

The agreement according to Trump will tear down the walls on agricultural imports and exports for both China and the US.

Source: The Guardian