Despite the US-China trade agreement, key details are unclear
After the U.S. and China announced the “phase-one” trade agreement, a critical point remains in question: agricultural purchases.
Bilateral trade is a significant part of the dispute between the world’s two largest economies, especially after both sides decided to break the negotiations into phases, rather than tackling a slew of American concerns, which range from the trade deficit in goods to state control in the economy.
On Friday, both countries held separate press conferences to announce that they reached the phase-one agreement.
President Donald Trump said the Chinese would buy $50 billion in agricultural purchases “pretty soon.” More specifically, Reuters reported that U.S. Trade Representative Robert Lighthizer told reporters that China would buy at least $16 billion more agricultural goods in each of the next two years. The report said that could bring total purchases to near $50 billion in 2020 and 2021.
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Bilateral trade is a significant part of the dispute between the world’s two largest economies, especially after both sides decided to break the negotiations into phases, rather than tackling a slew of American concerns, which range from the trade deficit in goods to state control in the economy.
On Friday, both countries held separate press conferences to announce that they reached the phase-one agreement.
President Donald Trump said the Chinese would buy $50 billion in agricultural purchases “pretty soon.” More specifically, Reuters reported that U.S. Trade Representative Robert Lighthizer told reporters that China would buy at least $16 billion more agricultural goods in each of the next two years. The report said that could bring total purchases to near $50 billion in 2020 and 2021.
Click Here to read more.