China to Buy $80 Billion in US Manufactured Goods as Part of Phase One Deal, Report Says
China will buy nearly $80 billion worth of additional manufactured goods from the U.S. over the next two years as part of the U.S.-China phase one trade deal (see 1912310010), according to a Jan. 14 report from Reuters. As part…
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of the deal, China will also buy more than $50 billion worth of U.S. energy supplies and increase purchases of U.S. services by $35 billion over the same period, the report said. The agreement will also require China to increase its purchases of U.S. agricultural goods by $2 billion over two years at about $16 billion per year. The numbers, which represent a “staggering increase” over recent Chinese imports of U.S. manufactured goods, are expected to be announced Jan. 15 during a White House signing ceremony between President Donald Trump and China's Vice Premier Liu He, Reuters said. A China Foreign Ministry spokesman referred questions to the country's Commerce Ministry. “Please remain patient for a little while,” the spokesman said during a Jan. 14 press conference. “More information will come out in a couple of days.”