USTR Lighthizer provides dollar amounts, but China has not yet confirmed levels
The U.S. Trade Representative's (USTR) office noted the “Phase One agreement includes a commitment by China that it will make substantial additional purchases of U.S. goods and services in the coming years.”
USTR Bob Lighthizer later told reporters at the White House that China committed to purchase $16 billion in additional U.S. ag goods in the first year, from a 2017 baseline of $24 billion (total of $40 billion). He also commented that China said they would make efforts to get to $50 billion in ag purchases.
Lighthizer said it would increase total U.S. trade to China by $200 billion over a two-year period.
There is also a “strong dispute resolution system that ensures prompt and effective implementation and enforcement,” USTR said. “The United States has agreed to modify its Section 301 tariff actions in a significant way.”
In their briefing in Beijing, Chinese officials indicated that corn, wheat, cotton and rice would be involved in the increased buys. But they also noted the broader categories of energy, agriculture, pharmaceutical products and financial services, according to Ning Jizhe, vice chairman of the National Development and Reform Commission.
Asked specifically about the purchases of at least $40 billion in U.S. ag products, Chinese officials did not confirm any such level of purchases. Officials would only say that the imports would not disrupt the domestic Chinese market.
President Donald Trump told reporters at the White House after the deal was announced that he thought China would hit $50 billion in terms of their purchases of U.S. ag goods. But he did not specify the products or the timeline for such purchases.