US and China sign first-level trade agreement

The US plans to begin the second phase of talks on November 7

Donald Trump on behalf of the United States and Deputy Prime Minister Li Hye on behalf of China signed the agreement

Washington, January 16, 2020 Thursday

Today's trade agreements between the two most powerful economies of the world between the United States and China have brought the economies of all the countries of the world a breath of relief. With the end of the two-year-long trade war, Donald Trump is likely to benefit from the US presidential election this year.

Under the agreement, China will buy US $ 4 billion worth of agricultural products, which will include $ 8 billion in agricultural products.

Americans were paying more money to buy Chinese goods because of US import duty on Chinese goods.

The agreement is being made at a time when US President Donald Trump is facing impeachment in the US Senate. China will buy an additional US $ 8 billion worth of goods over the next two years in the first phase of the trade agreement between the US and China, the US said in a statement.

It is worth mentioning that US President Donald Trump announced last week that he would sign the first phase of trade agreements on January 7.

With this, the end of the ongoing trade war between the two largest economies in the world has begun from January 1. US Treasury Minister Steven Mnuchin said in an interview to a channel that China will buy US $ 8 billion worth of goods in the next two years. It will also have $ 1 billion of agricultural products.

He further stated that this agreement would greatly benefit the farmers of America. Some are questioning whether American farmers will be able to produce this kind of crop? In response, Steven Manuchin said America's farmers would buy more land and produce more.

Manuchin also said that if China does not buy US $ 2 billion of goods according to the agreement, then the US president has the authority to impose new duties on China again.

Manuchin also said that the duty currently set forth will continue until the second phase of trade agreement is reached between the US and China. However, both countries will not impose new duties on each other's goods.