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Trump 'settling for a weak' China trade deal: Schumer

Video Credit: Reuters Studio
Published on January 14, 2020 - Duration: 01:28s

Trump 'settling for a weak' China trade deal: Schumer

Senate Democratic Leader Chuck Schumer on Tuesday said the 'Phase 1' trade agreement between the U.S. and China is 'remarkable for how little it achieves at an enormous price'.

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Trump 'settling for a weak' China trade deal: Schumer

China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years as part of a trade war truce, according to a source.

Under the terms of the trade deal to be signed on Wednesday in Washington, China would also buy over $50 billion more in energy supplies, and boost purchases of U.S. services by about $35 billion over the same two-year period, the source told Reuters on Monday.

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, who was briefed on the deal.

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

The numbers, expected to be announced on Wednesday at a White House signing ceremony between Trump and Chinese Vice Premier Liu He, represent a staggering increase over recent Chinese imports of U.S. manufactured goods, raising some skepticism over how it would be achieved.

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