Wednesday, 1 Apr 2020

China to pump up US car, aircraft, energy purchases in trade deal: Source

WASHINGTON (REUTERS) – China has pledged to buy nearly an additional US$80 billion (S$107.8 billion) of manufactured goods from the United States over the next two years, plus just over US$50 billion more in energy supplies, under a trade deal with China to be signed on Wednesday (Jan 15), a source briefed on the agreement said on Monday.

Beijing would also boost purchases of US services by about US$35 billion over the same two-year period, the source said, aiding a sector that enjoys a rare trade surplus with China.

The Phase 1 agreement calls for Chinese purchases of US agricultural goods to increase by some US$32 billion over two years, or roughly US$16 billion a year, the source said.

When combined with the US$24 billion US agricultural export baseline in 2017, the total gets close to the US$40 billion annual goal touted by US President Donald Trump.

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