China to pump up US car, aircraft, energy purchases in trade deal: source

Published: January 14, 2020
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PHOTO: FILE

PHOTO: FILE

WASHINGTON: China has pledged to buy nearly an additional $80 billion of manufactured goods from the United States over the next two years, plus just over $50 billion more in energy supplies, under a trade deal with China to be signed on Wednesday, a source briefed on the agreement said on Monday.

Beijing would also boost purchases of US services by about $35 billion over the same two-year period, the source said, aiding a sector that enjoys a rare trade surplus with China.

The Phase 1 agreement calls for Chinese purchases of US agricultural goods to increase by some $32 billion over two years, or roughly $16 billion a year, the source said.

When combined with the $24 billion US agricultural export baseline in 2017, the total gets close to the $40 billion annual goal touted by US President Donald Trump.

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