The United States and China cooled their trade war on November 13 and announced “Phase one” agreement that reduces some US tariffs in exchange for what officials said would be a big jump in Chinese purchases of American farm products and other goods.

Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said on November 13.If the purchases are made, they would represent a huge jump in US exports to China. China bought $130 billion in American goods in 2017 before the trade war began, and $56 billion in services, data from the US Bureau of Economic Analysis show.

In return, the US would suspend tariffs on Chinese goods due to go into effect on December 15 and reduce others, officials said. The 86-page agreement is due to be signed the first week of January in Washington by principal negotiators.

“We have agreed to a very large Phase One Deal with China,” US President Donald Trump tweeted on December 13 morning. Officials in China have “agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more,” he said.

Trump later told reporters at the White House that he thought China would hit $50 billion in agricultural purchases, repeating a promise he made to US

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