President Donald Trump shakes hands with Chinese Vice Premier Liu He, after signing a trade agreement in the East Room of the White House, Wednesday, Jan. 15, 2020, in Washington.China has agreed to buy hundreds of billions of dollars worth of products from the United States as part of their"phase one" trade deal.
In exchange, Washington has agreed to reduce tariffs on $120 billion in Chinese products from 15% to 7.5%. Agricultural goods account for a big chunk of the new purchases. Under the agreement, China will buy an additional $12.5 billion of those goods in year one, and then $19.5 billion in year two, compared to 2017.
In addition to the purchases announced on Wednesday, the initial deal provides better protection to American companies that have long complained about thefts of their intellectual property and trade secrets. And China still didn't give ground on some of the most important issues for America, such as demands for cuts to state subsidies that could trigger a fundamental overhaul of how the Chinese economy works. That is among several sticking points that the two sides are expected to discuss for the next phase of the agreement.
Why? Because it can create Trillion dollars. Easy.
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