US-China Trade Deal: According to trade deal text - China to buy $18.5 billion more in US energy products in first year, $33.9 billion in second year.
US and China have announced first phase of trade deal. U.S.-China trade deal calls for $200 billion in added Chinese purchases of U.S. goods and services over two years, compared to 2017. China Vice Premier Liu says implementation of phase 1 trade deal is the most urgent task. Liu also said that for next step, it is better to focus of implementing phase 1 deal to create favourable conditions for next phase. “Chinese firms will buy American products based on market conditions. Governments of both countries should create favourable conditions for chinese purchases of US products. China welcomes global investors, including U.S. investors, to invest in China. Cooperation is the only right path for U.S. and China,” Liu added.
China’s Vice Premier Liu also said that China will abide by the commitments made in phase 1 deal with US. America’s Lighthizer says U.S.-China trade agreement effective 30 days after signing. “Chinese subsidies remain a big problem but keeping tariffs in place helps offset this,” he added.
According to trade deal text – China to buy $18.5 billion more in US energy products in first year, $33.9 billion in second year. U.S.-China trade deal does not include data protection for biological drugs, added Lighthizer. According to the deal China has pledged to buy $77.7 billion of additional manufactured goods from the United States over the next two years. Lighthizer said, “Only way China can get further tariff reductions is to make a phase 2 agreement with US.”