Dubai – Masaader News
China has agreed to buy products with $200 billions of dollars from the United States as part of their “phase one” trade deal, according to CNN.
The agreement signed Wednesday will have Beijing ramp up its purchases of US goods and services by $200 billion compared to its orders in 2017, before the trade war started.
China imported over $185 billion in total US goods and services that year.
In exchange, Washington has agreed to reduce tariffs on $120 billion in Chinese products from 15% to 7.5%.
Under the agreement, the extra Chinese purchases will be made over the next two years, with agricultural products accounting for a large chunk. China has said it will buy an additional $12.5 billion of those goods in year one, compared to 2017, and then $19.5 billion in year two.