Our nation received welcome news ahead of the new year.
American and Chinese officials will meet this month to sign a Phase One trade deal.
United States President Donald Trump on Tuesday announced, “I will be signing our very large and comprehensive Phase One trade deal with China on January 15. The ceremony will take place at the White House. High level representatives of China will be present.”
Details surrounding the agreement are limited. However, U.S. Department of Agriculture Chief Economist Rob Johansson says it promises, “As much as 80-billion dollars of purchases by China over the next two years. On average, 40-billion dollars (of purchases) a year.”
China pledged to amp up its purchases of U.S. agricultural products after President Trump moved to lower tariffs on some imports. Johansson puts this enhanced commitment into perspective.
“China has purchased almost 25-billion dollars (of purchases) from us in previous years, so they’re committing to that 25-billion dollars plus an additional 15-billion dollars in each of the next two years.”
President Trump intends to visit Beijing at a later date to begin Phase Two discussions.