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China to raise imports from US in trade deal: Reports

World | 2020-01-14 14:32:49
China to raise imports from US in trade deal: Reports
China reportedly agreed to import large quantities of goods from the U.S. as Beijing and Washington near the first phase of a trade deal, media reports said Tuesday.

After the deal, Beijing will buy goods worth $200 billion over the next two years from four U.S. industries, according to the Hong Kong-based daily South China Morning Post.

Details on the deal began to circulate when Chinese Vice Premier and Beijing's chief negotiator Liu He landed in Washington for the possible signing of the deal on Wednesday.

The world's top two economic powerhouses have been engaged in a tit-for-tat dispute over trade for the last two years, with global reverberations.

In 2019, China witnessed a slowdown in its growth the first time in the last 29 years.

According to the newspaper, Beijing will purchase manufactured goods from the U.S., targeting $75 billion in imports.

The deal also mentioned that Beijing would buy $50 billion worth in energy, $40 billion in agriculture and $35 billion in services, from the U.S.

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