China has agreed to buy additional US $ 200 billion worth of US goods under the "Phase 1" trade agreement over the next two years.
The additional purchases are added to the 2017 U.S. export figures.
The two nations signed the first White House trade agreement on Wednesday afternoon. The world's two largest economies have spent nearly two years fighting each other's multi-billion dollar tariffs in one of the most lengthy trade fights in modern American history.
The first phase agreement is seen as a ceasefire and includes concessions by the Chinese to combat intellectual property theft and forced transfers of American technology. It also includes import targets for Beijing, which has promised to buy a variety of American products, as both sides are working towards a permanent bilateral agreement.
This additional $ 200 billion is made up as follows:
- Industrial goods: $ 32.9 billion in 2020, $ 44.8 billion in 2021
- Agricultural goods: $ 12.5 billion in 2020, $ 19.5 billion in 2021
- Energy goods: $ 18.5 billion in 2020, $ 33.9 billion in 2021
- Services: $ 12.8 billion in 2020, $ 25.1 billion in 2021
The manufactured goods include industrial equipment, electrical devices, pharmaceutical products, vehicles and optical instruments. Agricultural products include oilseeds, meat, cereals, cotton and seafood.
Upon closer inspection, China agreed to buy a variety of goods from all major industries, including:
More precise details, such as the exact value of agricultural purchases (such as soybeans or pork) pledged by China over the next two years could not be determined.