China's purchase of USD 200 billion worth of additional American products over a period of two years is part of the phase one trade deal with Beijing, the US has said, as the world's two top economic powers look forward to end their bitter two-year tariff war this week.
President Donald Trump has announced last week that the US will sign the first phase of a pending trade deal with China "probably" on January 15.
"We're signing, as you know, a very big deal among many other things with China...probably on January 15," Trump told reporters at a White House event.
China's commerce ministry on Thursday last confirmed that Vice Premier Liu will be in the US capital from Monday to Wednesday to sign the "Phase One" trade deal with the US.
The phase one deal signals a de-escalation in a trade war pitting the two most powerful economic giants against each other for nearly two years.
The phase one of the trade deal with China includes the country buying USD 200 billion worth of additional American products, US Treasury Secretary Steven Mnuchin said on Sunday.
In an interview to ABC News, he said, "It is USD 200 billion of additional products across the board over the next two years, and, specifically, in agriculture, USD 40 billion to USD 50 billion."
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