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China to buy US$200 billion of U.S. goods under phase one trade deal
Updated: 2020-01-15 16:10:34 KST
The United States and China are set to sign their so-called Phase One trade deal on Wednesday local time - a step towards ending their trade war.
The agreement will reportedly be signed in a ceremony at the White House attended by President Trump, Washington's top trade negotiator Robert Lighthizer and his Chinese counterpart Liu He .
Sources say the Phase One deal will include a pledge from Beijing to buy 200 billion U.S. dollars of American goods over two years in four industries, including manufacturing and agriculture.
In return, Washington is expected to cancel some of the tariffs that were due to come into force last month and is likely to cut a 15 percent tariff in half on 120 billion dollars of Chinese goods.
However, the exact details are yet be released.
Reporter : jy_rachel@arirang.com