United States and China have agreed to a very large Phase One Deal that cuts U.S. tariffs in exchange for Chinese purchases of American farm products and other goods.
The top U.S. trade negotiator said in a statement in Washington, China has agreed to import at least two hundred billion dollars in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017.
Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said here Friday. If the purchases are made, they would represent a huge jump in U.S. exports to China. China bought $130 billion in U.S. goods in 2017, before the trade war began, and $56 billion in services, U.S. Bureau of Economic Analysis data show.
In return, the United States would suspend tariffs on Chinese goods due to go into effect on Sunday and reduce others, U.S. officials said. The 86-page agreement is due to be signed the first week of January in Washington by principal negotiators
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