Commitment part of phase 1 trade pact to be signed in January. FMTNews China
WASHINGTON: China has agreed to buy US$200 billion worth of additional US goods and services over the next two years as part of a phase one trade pact to be signed in early January, US Trade Representative Robert Lighthizer told reporters on Friday.
The agreement, hammered out in detailed negotiations between the two sides over the past two months, eases tensions after 17 months of tit-for-tat tariffs that have roiled financial markets and dragged global growth lower.There would also be specific targets for purchases of specific products, but those would not be made public to avoid distorting markets.
Those discussions continued until Friday morning, he said, noting that he got the final go-ahead from the president just after 10am. The deal included structural changes by China – including commitments on ending pressure for US companies who do business in China to transfer their technology, and improved protections for intellectual property, he said.
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