China has pledged to buy nearly an additional $80 billion of manufactured goods from the United States over the next two years, plus just over $50 billion more in energy supplies, under a trade deal with China to be signed on Wednesday, a source briefed on the agreement said on Monday.
Beijing would also boost purchases of U.S. services by about $35 billion over the same two-year period, the source said, aiding a sector that enjoys a rare trade surplus with China.
The Phase 1 agreement calls for Chinese purchases of U.S. agricultural goods to increase by some $32 billion over two years, or roughly $16 billion a year, the source said.
When combined with the $24 billion U.S. agricultural export baseline in 2017, the total gets close to the $40 billion annual goal touted by U.S. President Donald Trump.
Published 14 January 2020, 09:25 IST