In the next two years, China agreed to buy an extra $200 billion in US goods as part of the "phase one" trade deal. The new exports will be in addition to US export figures for 2017. This contract calls for Beijing to purchase $77bn in 2020 and $123bn in 2021 to meet the $200bn target. China imported 186 billion US dollars of goods and services in 2017.
Potential US exports to China are expected to reach $263 billion by 2020, and $309 billion by 2021 compared with the current incremental contract. This amount will mark a new acceleration for US exports to China. The two nations signed Wednesday afternoon at the White House, the first step of the trade agreement. The two largest economies of the world have two years slapped tariffs worth billions of dollars in one of America's most protracted trade battles to till date. The Phase One Agreement is regarded as a kind of compromise involving Chinese efforts to clamp down on theft of intellectual property and American technology forced transfer. But it also includes Beijing's import goals, which has promised to buy a host of American products as both sides are moving towards a permanent bilateral agreement.