Mandatory Pontiac Aztec purchases alarm Chinese trade negotiators
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2020 Jan 14, 3:34am 410 views 1 comment
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Tenpoundbass
2020 Jan 14, 8:00am
Tenpoundbass
2020 Jan 14, 8:00am
Shouldn't China be growing our food, and we be Making the world's belongings and crap?
When will opposite world end?
When will opposite world end?
WASHINGTON (Reuters) - China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years as part of a trade war truce, according to a source, likely giving a much-needed boost for planemaker Boeing.
Under the terms of the trade deal to be signed on Wednesday in Washington, China would also buy over $50 billion more in energy supplies, and boost purchases of U.S. services by about $35 billion over the same two-year period, the source told Reuters on Monday.
The Phase 1 agreement calls for Chinese purchases of U.S. agricultural goods to increase by some $32 billion over two years, or roughly $16 billion a year, said the source, who was briefed on the deal.
When combined with the $24 billion U.S. agricultural export baseline in 2017, the total gets close to the $40 billion annual goal touted by U.S. President Donald Trump.
The numbers, expected to be announced on Wednesday at a White House signing ceremony between Trump and Chinese Vice Premier Liu He, represent a staggering increase over recent Chinese imports of U.S. manufactured goods, raising some skepticism over how it would be achieved.
Two other sources familiar with the Phase 1 trade deal agreed with the rough breakdown of the purchases, without providing specific numbers.
A spokesman for the U.S. Trade Representative’s office could not immediately be reached for comment.
Lighthizer on Monday called the deal a “huge step forward” for U.S.-China trade relations and “a really, really good deal for the United States.” He told Fox Business Network that Beijing’s compliance would be monitored closely.
“We expect them to live up to the letter of the law. We’ll bring cases, we’ll bring actions against them if they don’t,” Lighthizer said.
When the Phase 1 trade deal was struck on Dec. 13, U.S. officials said China had agreed to buy $200 billion in additional U.S. farm products, manufactured goods, energy and services over the next two years, compared to the baseline of 2017.
https://www.reuters.com/article/us-usa-trade-china/china-to-ramp-up-u-s-car-aircraft-energy-purchases-in-trade-deal-source-idUSKBN1ZD0FN