Phase 1 Signing Scheduled for 10:30 a.m. CT Tomorrow, with Text Released Near the Same Time

Posted on Tue, 01/14/2020 - 13:16

The Office of the United States Trade Representative (USTR) has indicated that the text of the Phase 1 deal will be released to the public shortly after it has been signed on Jan. 15. And Fox Business news reported that a U.S. trade source said the Phase 1 deal text will be posted on the website of the U.S. Trade Representative the “moment” the agreement is signed on Wednesday. That signing ceremony is scheduled to take place at 10:30 a.m. CT at the White House.

Meanwhile, several news outlets are reporting the U.S. will keep remaining tariffs on China through the 2020 elections, which is not a surprise. Bloomberg is reporting the two sides reportedly have an understanding that no sooner than 10 months after the deal is signed, the U.S. will review progress and consider trimming tariffs that are currently in place on $370 billion of imports from China—7.5% on $120 billion worth of Chinese goods and 25% on $250 billion worth of such goods.

This should not have surprised traders as it lined up with what administration officials and the president have been saying, but equity and commodity markets initially softened on the “news.”