First Phase of US-China Trade Deal Announced

First Phase of US-China Trade Deal Announced

A trade deal between the United States and China, separately announced Friday by both countries, will be such a boon for American farmers they will "have to go out and buy much larger tractors," according to President Donald Trump, Voice of America reports.

The U.S. president, speaking Friday to reporters in the Oval Office, described the agreement with Beijing as a "phenomenal deal." 

Officials of the two countries said they had agreed on the text of the first phase of the trade pact and would avert imposing further tariffs on each other.                     

As part of the agreement, Chinese officials said their country would increase imports of American agricultural, energy and pharmaceutical products. 

Trump said agricultural purchases alone would total $50 billion "pretty soon."