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U.S., China sign initial Phase 1 trade deal

Christian Fernsby ▼ | January 15, 2020
President Donald Trump, alongside Chinese Vice Premier Liu He, signed an initial deal to resolve trade dispute.
Trump and He
America and China   Trump and He
This is the biggest deal anybody’s ever seen,” declared Trump, who predicted it will lead to “stable peace throughout the world.”

Topics: U.S. China trade

At today’s ceremony in the White House East Room, Vice Premier Liu He read a letter from Chinese President Xi Jinping, which said “in the next step the two sides need to implement the agreement in earnest.”

Liu, in his own remarks, noted there were setbacks during the process, but negotiators for both countries did not give up.

The second phase of discussions are to begin quickly and there will not be a third phase, according to the U.S. president.

Trump said China will import $200 billion worth of additional American products and services over the next two years $50 billion of that in the agricultural sector.

Xi, in his letter, put the agricultural figure at $40 billion.

According to the text of the agreement, China pledges to buy more than $12.5 billion in U.S. agricultural products in the first year, and $19.5 billion in the second year, with the timing of purchases subject to market conditions.

In his letter to Trump, the Chinese president also called for the United States to treat fairly Chinese companies.