China commits to buying US$80b US factory goodsBusiness | 14 Jan 2020 5:43 pm
China has pledged to buy nearly an additional US$80 billion of manufactured goods from the
United States over the next two years, plus just over US$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, Reuters reports.
Beijing would also boost purchases of U.S. services by about US$35 billion over the same two-year period, the source said, aiding a sector that enjoys a rare trade surplus with China.
The interim agreement calls for Chinese purchases of U.S. agricultural goods to increase by some US$32 billion over two years, or roughly US$16 billion a year, the source said.
When combined with the US$24 billion U.S. agricultural export baseline in 2017, the total gets close to the US$40 billion annual goal touted by U.S. President Donald Trump.