After the U.S. and China signed Phase 1 of a trade deal, President Trump said the country's relationship with Beijing was 'best it's ever been'
WASHINGTON - The United States and China signed an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of U.S. products, defusing an 18-month row between the world’s two largest economies but leaving a number of sore spots unresolved.
“Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families,” Trump said in rambling remarks at the White House alongside U.S. and Chinese officials. Liu said Chinese companies would buy $40 billion in U.S. agricultural products annually over the next two years “based on market conditions.” Beijing had balked at committing to buy set amounts of U.S. farm goods earlier, and has inked new soybean contracts with Brazil since the trade war started.
Trump and his economic advisers had pledged to attack Beijing’s long-standing practice of propping up state-owned companies, and flooding international markets with low-priced goods as the trade war heated up. Earlier, top White House economic adviser Larry Kudlow told Fox News the agreement would add 0.5 percentage point to U.S. gross domestic product growth in both 2020 and 2021.
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