"Phase One" of U.S.-China Trade Deal Substantially Grows Ag ExportsView Source
The U.S. and China have reached a partial trade agreement.
President Trump and Chinese officials announced the breakthrough in the Oval Office Friday, and Trump says this first phase of a trade agreement is a “substantial deal.” Trump said, “We’re going to be up to 40-50 billion dollars of agricultural purchases which means farmers are going to have to work a lot of overtime to produce that much. That’s the largest order in the history of agriculture.”
Negotiators say the 40-50 billion-dollar annual sales for U.S. agricultural goods will be scaled up during the next two years. Trump also says additional tariffs that were to be implemented will not go into effect.
Trump also says there were substantial steps taken on some intellectual property, currency manipulation, and foreign exchange issues.
The President told reporters this phase of the trade agreement could move quickly, happening in four to five weeks subject to getting everything on paper. Then, Trump and Chinese President Xi Jinping can sign the deal. Trump speculated that signing might happen when both leaders are in Chile later this fall.