China, U.S. agree on text of phase one trade deal

BEIJING, Dec 13 (Reuters) – China and the United States have agreed on the text of a phase one trade deal, vice finance minister Liao Min said in a media briefing on Friday.

The U.S. will cancel some tariffs on a phased basis, China’s vice commerce minister Wang Shouwen said in the briefing, which officials from China’s state planner, ministry of finance, foreign ministry, agriculture ministry and ministry of commerce also attended.

A trade deal will protect foreign firms’ interests in China while Chinese firms’ legal interests in dealing in the United States will be protected as well, Wang Shouwen said. (Reporting by Stella Qiu and Martin Pollard; Editing by Hugh Lawson)