China agrees to purchase an additional $200B in U.S. goods over the next 2 years as part of the “phase one” trade deal. - CNBC
China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the "phase one" trade deal.The deal stipulates that Beijing will buy $77 billion in additional goods and services in 2020 and $123 billion in 2021 to meet the total $200 billion. China bought $186 billion of U.S. goods and services in 2017.
Combined with the new incremental agreement, U.S. exports to China should in theory climb to $263 billion in 2020 and $309 billion in 2021. Either amount would mark a record-breaking acceleration for U.S. exports to China.Wednesday afternoon at the White House. The globe's two largest economies have for the better part of two years slapped tariffs of billions of dollars' worth of each other's goods in one of the most protracted trade battles in modern American history.
Digging deeper, China agreed to purchase a variety of goods from each major industry, including but not limited to the following: Finer detail, such as the exact value of specific farm purchases promised by China over the next two years, could not be ascertained.
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