On Friday, President Donald Trump announced ‘phase one’ of a trade deal with China. “We’ve come to a deal on intellectual property, financial services and a tremendous deal for the farmers,” said Trump. “A purchase of from $40 billion to $50 billion worth of agricultural products would be two-and-a-half to three times what China had purchased at its highest point thus far.” Trump went on to say farmers will need to buy more tractors just to keep up with the potential business from China. In exchange, the U.S. has agreed not to raise the tariffs on $250 billion worth of Chinese products. Trump and Chinese President Xi may be able to finalize this agreement at the Asia-Pacific Economic Cooperation Summit next month in Chile.
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