After the U.S. and China on Friday announced progress on a trade agreement, a critical point of the deal remains in question: agricultural purchases.
U.S. Trade Representative Robert Lighthizer China would buy at least $16 billion more agricultural goods in each of the next two years, Reuters reported.
"That scale of purchases seems implausible and Chinese officials were reluctant to mention any specific target during their press conference," Ting Lu, chief China economist at Nomura, and his team said in a note. A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on November 6, 2018.on Friday announced progress on a trade agreement, a critical point of the deal remains in question: agricultural purchases.
The bilateral trade is a significant part of the dispute between the world's two largest economies, especially after both sides decided to break the negotiations into phases, rather than tackling a slew of American concerns which range from the trade deficit in goods to state control in the economy. On Friday, both countries held separate press conferences to announce that they reached a so-called phase one agreement.
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