The deal on the first phase of the trade deal between China and the US largely takes into account the concerns of both parties, said Chinese Vice Premier Liu He.

According to him, the first phase of the China-US trade deal largely reflects the concerns of both sides, TASS reported referring to Xinhua.

He noted that the signing of the deal has not only economic, but also political significance. According to him, it will benefit not only China and the United States, but the whole world.

Liu He has noted that China and the US have different positions on trade issues, but both sides are committed to solving this problem. He also added that the US made the right choice by excluding China from the list of currency manipulators.

The signing ceremony for the first phase of the deal took place on January 15 in Washington. The document was signed by Liu He and US President Donald Trump.

During the ceremony, the US representative at the trade talks, Robert Lighthizer, said the deal included detailed provisions on patent protection and counterfeiting. So, the parties agreed on the confiscation of equipment used to manufacture counterfeit goods. Lawrence Kudlow, head of the White House National Economic Council, said earlier that the US will retain duties on a number of goods from China to ensure that Beijing adheres to the obligations outlined in the first phase of the trade agreement between the countries.