The United States and China cooled their trade war on Friday, announcing a "...
WASHINGTON/BEIJING - The United States and China cooled their trade war on Friday, announcing a “Phase one” agreement that reduces some U.S. tariffs in exchange for increased Chinese purchases of American farm products and other goods.
During a later news conference in the White House, Trump said he thought China would hit $50 billion in agricultural purchases. U.S. markets have gyrated on rumors and leaks about the trade deal in recent months, but were muted on Friday on news it had been agreed.China has agreed to aim to purchase $50 billion in farm products a year, Robert Lighthizer, the United States Trade Representative, told reporters at the White House on Friday.See more stories
China will import more U.S. wheat, corn, and rice after the deal, China’s vice agricultural minister said Friday, but did not elaborate. Lighthizer didn’t offer any details about Chinese commitments to import U.S. energy or other products. The products getting the lower tariff rate include flat-panel television sets, smart speakers, Bluetooth headphones and many types of footwear.
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