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Good morning from the newsroom of the Financial Times.

Today is Thursday, January 16th, and this is your F.T. news briefing.

The US and China have signed an 86-page phase one trade deal.

A flying taxi startup has raised more than half a billion dollars in a new round of fundraising.

And the 1MDB bribery scandal takes its toll on Goldman Sachs.

Plus the FT's editor, Lionel Barber, shares his highlights from his exclusive interview

with German Chancellor Angla Merkel.

I'm Mark Filipino, and here's the news you need to start your day.

The US and China have paused their long-running trade war.

Together we are writing the wrongs of the past and delivering a future of economic

justice and security for American workers, farmers and families.

That was US President Donald Trump yesterday at the White House.

He and China's Vice Premier Leo He signed the 86-page phase one deal.

The agreement lays out stricter rules on intellectual property in China,

and includes a pledge by Beijing to buy at least $200 billion in

U.S. goods and services over the next two years.

And there's a commitment from China that it won't manipulate its currency.

In return, the U.S. will hold off on escalating any more tariffs for the time being.

That is if China keeps to its commitments.

But the deal does leave the majority of US tariffs on

...