U.S.-China to sign 'Phase one' trade pact in early January -Mnuchin

Reuters
Updated
FILE PHOTO: Chinese staff members adjust U.S. and Chinese flags before the opening session of trade negotiations between U.S. and Chinese trade representatives in Beijing

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Thursday the United States and China would sign their so-called Phase one trade pact at the beginning of January, adding that it was completely finished and just undergoing a technical "scrub."

Mnuchin, speaking to reporters at the White House, said the trade deal had already been put down on paper and translated, and that it would not be subject to any renegotiation.

"We are going through a technical issue now where again the agreement is translated," Mnuchin said. "I don’t expect there's any changes. We'll sign the agreement in the beginning of January."

He said the focus would be on implementing the first phase, which calls for U.S. farm product exports to China to roughly double over the next two years.

Overall, Mnuchin told CNBC television, increased Chinese purchases of U.S. agricultural, manufactured goods, energy and services would add about a half percentage point to U.S. economic growth during the next two years.

(The story is refiled to correct day to Thursday in first paragraph)

(Reporting by David Lawder; Editing by Tim Ahmann and Dan Grebler)