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Watch live: Trump signs "Phase One" trade deal with China

CBSNews

President Donald Trump speaks during a meeting with Greek Prime Minister Kyriakos Mitsotakis in the Oval Office of the White House, Tuesday, Jan. 7, 2020, in Washington.

President Trump and Chinese Vice Premier Liu He are signing a "Phase One" trade deal at the White House Wednesday morning, after lengthy negotiations and a nearly two-year-long trade war that has hurt U.S. farmers and created a drag on global economic growth.

The president has touted the deal as "very large and comprehensive" and said he planned to travel to Beijing to negotiate the next phase.

How to watch Trump sign the trade deal with ChinaWhat: President Trump participates in a signing ceremony of an agreement between the United States and China.Date: Wednesday, January 15, 2020Time: 11:30 a.m. ETLocation: East, Room, The White House – Washington, D.C.Online stream: Watch live in the player above and on your mobile or streaming device 

Under the Phase One deal, some tariffs will remain in place and others will be cut or postponed. The levies that would have hit American consumers hard, the price hikes on goods including mobile phones and computer monitors, have been put off for now under the deal.

As part of the agreement, the Chinese will also be buying up to $200 billion in U.S. goods, including agricultural products like soybeans and pork, offering some relief to U.S. farmers. However, it's not yet clear how much of those purchases will include agricultural products.

The agreement does not seem to address a key point of contention for the U.S.: theft of intellectual property by Chinese companies. Negotiations on the issue will be left to future phases of the agreement.

Rachel Layne contributed to this report.