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US and China sign significant trade deal

Thursday, 16 January 2020 09:42

MARK WILSON / GETTY IMAGES NORTH AMERICA / AFP

The US and China have signed an agreement aimed at easing a trade war between the two economies.

The deal, which was signed by U.S. President Donald Trump at a White House ceremony on Wednesday, promises improved access to China's financial services.

China has also agreed to expedite by nine months a previous December 2020 deadline for removing foreign ownership caps on securities firms.

Speaking in Washington, Trump said the pact would be transformative for the US economy.

China is to purchase at least an additional $200 billion worth of U.S. farm products and other goods and services over two years, above a baseline of $186 billion in purchases in 2017, the White House said.

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