President Donald Trump said Friday that he expects China will buy $50 billion of U.S. farm products in the near future.
“I think in agriculture they will hit $50 billion,” Trump told reporters in the Oval Office.
Trump added that the total amount of purchases of U.S. products by China would be much more because China had also agreed to increase purchases of manufactured goods.
“It’s a phenomenal deal,” Trump said. “And I say, affectionately, the farmers are going to have to go out and buy much larger tractors, because it means a lot of business, a tremendous amount of business.”
The U.S. agreed to cut in half the tariff currently set at 15 percent on around $120 billion of imports from China. It also canceled the additional tariffs scheduled to take effect Sunday. This leaves in place the 25 percent tariffs on $250 billion of Chinese goods. President Trump said his administration would use the tariffs in negotiations in the next phase of trade talks. – READ MORE