US, China reach 'Phase 1' trade deal on Beijing promise of farm purchases

The United States and China cooled their trade war on Friday, announcing a "Phase one" agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.

Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said Friday.

If the purchases are made, they would represent a huge jump in U.S. exports to China. China bought $130 billion in U.S. goods