US to cut tariffs if China makes huge farm purchases in phase-1 of deal

The United States and China cooled their trade war on Friday, announcing a "Phase one" agreement that reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods. Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said Friday.

If the purchases are made, they would represent a huge jump in US exports to China..

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