After the 18 months of conflicts between the two largest economies, the US and China have finally signed the phase one of the trade deal.
The ceremony conducted at White House included Trump, American businessmen U.S. lawmakers, and Chinese officials marked a rare moment of friendship lately between the world’s two largest economies.
The White House senior economic adviser Larry Kudlow said, “This is huge, nothing like this in history has ever happened before.”
The $200 billion trade deal includes:
- $40 billion per year for the next two years in agricultural purchase targets from the Chinese;
- An initiate to purchase $77.8 billion more in U.S. manufactured goods, such as cars, aircraft, and farm machinery;
- $52.4 billion in U.S. oil and gas purchases;
- $37.9 billion in financial and other services;
- Increased protections for U.S. intellectual property.