Trade with China Increases
The United States and China have agreed on the terms of a "Phase One" trade deal that reduces some U.S. tariffs on Chinese goods and is said to boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property.
Neither side has released many specific details of the agreement, but we know China has committed to increase purchases of U.S. agriculture products by $32 billion over two years.
Director of the National Economic Council Larry Kudlow woudn't give specifics but says the U.S. will benefit.
Again - China has committed to increase purchases of U.S. agriculture products by $32 billion over two years.
Trump has said that China may buy $50 billion worth of American farm goods annually.
U.S. Trade Representative Robert Lighthizer said China agreed to make its best efforts to increase purchases by another $5 billion annually to get close $50 billion. USTR says China has committed to reduce nontariff barriers to agricultural products such as poultry, seafood and feed additives as well as approval of biotechnology products.