US, China has reached 'substantial phase one' trade deal: Trump

The United States and China have reached a "substantial phase one" trade deal, President Donald Trump announced on Friday, ending nearly a year of intense roller-coaster negotiations between the two economic giants.

Trump told reporters that the two countries had reached a "substantial deal" after he concluded his White House meeting with the visiting Chinese Vice Premier Liu He.

From the US side, among those in the White House meeting were US Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin.

The Chinese delegation included Zhong Shan, Minister of Commerce; Cui Tiankai, Ambassador of China; Liao Min, Deputy Director of the Office of the Central Commission for Financial and Economic Affairs; and Vice Finance Minister Zheng Zeguang.

The American and Chinese delegations will again meet in Chile in a five-six weeks' time.

Trump said this would result in USD 40-50 billion agriculture trade.

According to him, the trade deal also includes currency and foreign exchange.

Some technology transfer will be in phase one.

"We have an agreement on intellectual property," Trump said.