“Every trade deal that we accomplish creates momentum and leverage for our president in dealing with other countries,” Sen. Kevin Cramer says.
Key Points
Chinese President Xi Jinping and U.S. President Donald Trump chat at a G-20 event a day before their highly anticipated bilateral meeting.The "phase one" trade deal between the U.S. and China, supposedly a game changer for the global economy going by the stock market's rise to a record after the announcement, has left many analysts and investors puzzled about what was specifically agreed to by both sides.
Chinese officials were light on the deal content when unveiling the text of the agreement. In a news conference Friday, they said Beijing will increase agricultural purchases "significantly" without specifying by how much. Meanwhile, U.S. Trade Representative Robert Lighthizer said China pledged to buy a total of $40 billion in farm goods over a two-year period. President Donald Trump touted "massive" buying – $50 billion — from China will start "pretty soon.
China's Ministry of Commerce also on Wednesday published its economic priorities for 2020, which only mentioned the trade conflict with the U.S. in passing. Again, it contained no deal details.
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