China to boost U.S. purchases by $76.7 billion in first year of trade deal - text

U.S. President Donald Trump greets Chinese Vice Premier Liu He after signing "phase one" of the U.S.-China trade agreement in the East Room of the White House in Washington, U.S., January 15, 2020. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - China has agreed to increase purchase $76.7 billion (59 billion pounds) worth of U.S. goods in the first year of the newly signed Phase 1 trade deal with the United States, with $123.3 billion slated for the second year, according to the text of the agreement released on Wednesday.

The $200 billion total two-year increase includes a $77.7 billion increase in sales of manufactured goods to China, according to the text. China also will increase U.S. energy purchases by $52.4 billion and services purchases by a $37.9 billion.

The totals are in line with figures reported by Reuters on Monday.

The manufactured goods, which include industrial machinery, electrical equipment, pharmaceutical products, aircraft, motor vehicles, iron and steel and optical and medical instruments, is part of a $200 billion overall increase in Chinese purchases over the next two years.

“This agreement will work if China wants it to work. The people that I’m dealing with in China want it to work,” U.S. Trade Representative Robert Lighthizer told a news briefing before the document was signed by U.S. President Donald Trump and Chinese Vice Premier Liu He.

Reporting by David Lawder and Doina Chiacu; Editing by Marguerita Choy