The U.S. House of Representatives is expected to approve the deal next week, followed by the Senate early next year, which will send the agreement to the president`s office. Biden said he would wait to sign new trade deals and try to rally allies behind a more aggressive policy to confront China. However, the new Asian agreement indicates that other countries – including US allies such as Japan and South Korea – are making progress in the meantime. The new U.S.-Mexico-Canada agreement, which replaces Nafta, contains provisions with implications for agreements beyond North America, including new bilateral agreements that will be considered for China, Japan, the European Union and the Kingdom after the withdrawal from the European bloc, according to government officials and independent observers. About two weeks later, the two sides announced the compromise to be signed Wednesday at a White House ceremony. “It`s an attempt to work together and solve problems,” said Clete Willems, a former Trump trade negotiator at the White House who has been studying Chinese issues. “That`s not all the U.S. has planned.” U.S.-led talks with China on a trade deal at first had fueled a deadlock around Thanksgiving, and raised fears that a deal would collapse again – and thus hope of a nearly two-year-old end to the trade war. When the United States and China fell asleep their trade agreement in January, the two sides described the pact as a first-phase agreement, which will be followed by new negotiations for a more expansionary agreement in a second and possibly a third phase. However, the world`s two largest economies have never set a timetable for the second phase and trade negotiations have been quickly overshadowed when countries around the world have had to deal with the pandemic. In a speech to an audience of economic and political leaders in the East Room of the White House, President Trump said the remaining tariffs would “all fall” if the talks resulted in a second agreement.

He called the agreement “a step forward – a step that had never been taken with China before – towards a future of fair and reciprocal trade.” The United States and China have agreed on high-level talks.