Beijing agreed to buy $32 billion in additional agricultural goods over the next two years, U.S. officials said, up from a baseline of $24 billion purchased in 2017, before the trade dispute started. U.S. President Donald Trump said he thought China would hit $50 billion in agricultural purchases.
NEW YORK: Global equity markets and oil prices rose on Friday after China and the United States agreed on an initial trade deal that rolls back some U.S. tariffs in exchange for China's increased purchase of farm goods, cooling a contentious trade war.
The "phase one" agreement came just ahead of a deadline on Sunday for a new round of U.S. tariffs on almost $160 billion of Chinese imports. The 17-month-old trade dispute has roiled financial markets and taken a toll on world economic growth.
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