US and China sign trade agreement to help ease negotiations
Jan, 15, 2020 Posted by Sylvia SchandertWeek 202004
US President Donald Trump and Chinese Vice Premier Liu He signed on Wednesday 15/01 the first phase of the trade agreement between the two countries, which will reverse some of the tariffs previously set and will lead to increased trade. This will increase purchasing from Chinese goods and services companies, neutralizing an 18-month conflict between the world’s two largest economies.
“Together, we are fixing past mistakes and delivering a future of economic justice and security to American workers, farmers and families,” US President Donald Trump said in announcing the deal.
China has agreed to increase purchases of US merchandise by US $ 76.7 billion in the first year of the newly signed Phase 1 of the US trade agreement, and in the second year the value could rise to US $ 123.3 billion, according to China. with the text of the deal released on Wednesday.
LIVE: POTUS Signs the Phase One Trade Agreement! https://t.co/teqGqjdgeZ
— The White House (@WhiteHouse) 15 January 2020
The total increase of $ 200 billion over two years includes a $ 77.7 billion increase in manufactured sales to China, according to the text. China also increase US energy purchases by $ 52.4 billion and service purchases by $ 37.9 billion.
According to Trump, negotiations for the second phase of the agreement should start soon.
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