China’s purchase of U.S. goods and services to touch $40 billion during next 2 years

According to a source briefed on the Phase 1 trade deal, China has pledged to purchase an additional $80 billion of manufactured goods from the United States over the next two years along with just over $50 billion more in energy supplies.

The Phase 1 trade deal is expected to be signed on Wednesday.

China has also pledged to increase its purchases of U.S. services by about $35 billion over the same two-year period, said the source while aiding that the sector enjoys a rare trade surplus with China.

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

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