Phase One Trade Deal: China Pledges To Buy Ambitious $50 Billion In US Energy Exports

The Phase One trade deal between the United States and China is expected to be signed today, January 15. Details have not yet emerged, but certain pledges have been announced by both sides since a preliminary agreement was reached on December 13. Among them, the United States will begin to dial back tariffs and withdraw its “currency manipulator” designation – a major source of tension – in exchange for PRC guarantees to purchase a $200 billion bundle in US goods and services over the next two years. Included in this – confirmed by Reuters – is $80 billion in U.S. manufactured goods, $35 billion in services, $32 billion in agriculture products, and a whopping $50 billion in US energy exports.