The United States and China are set to ink the phase one of the much-anticipated trade agreement between the world's top two economies which has dragged global economy and affected aviation, shipping, logistics along with it.

US President Donald Trump said the signing will take place in the White House on January 15 as both sides gear for phase two of trade negotiations.

“I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15. The ceremony will take place at the White House. High-level representatives of China will be present,” Trump posted on Twitter.

“At a later date, I will be going to Beijing where talks will begin on Phase Two!,” he added.

Phase 1 of the trade deal, agreed upon late last year, will remove some tariffs and reduce other levies on both Chinese and US goods entering both ways, a welcome development to both American and US retailers who have earlier blamed the trade tension for the economic drag.

Aside from reducing tariffs, the initial agreement is also expected to boost Chinese purchases of American farm, energy and manufactured products while at the same time addressing issues on IP transfer.

Despite recent pronouncements, however, a formal text of the phase 1 deal has yet to be made public.