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 what U.S. officials said would be a big jump in Chinese
purchases of American farm products and other goods.
Beijing has agreed to import at least two hundred billion dollars in
additional U.S. goods and services over the next two years on top of
the amount it purchased in 2017.
According to bureau of economic analysis if the purchases are made,
they would represent a huge jump in U.S. exports to China.
China bought one hundred and thirty billion dollars in U.S. goods in
2017, before the trade war began and fifty six billion dollars in
services.
In return, the United States would suspend tariffs on Chinese goods
due to go into effect on Sunday and reduce others.
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