a "Phase One" trade deal with China that cooled trade tensions between the world's two largest economic powers and rolled back some tariffs imposed on Chinese goods. But the US still left $360 billion of them locked into place.
Under the agreement, China would buy $200 billion of US goods and services over the next two years. The amount of purchases would gradually continue scaling upward. Still, analysts were skeptical of the deal's terms. "We think it is highly challenging for China to import $200 billion more goods and services from the US over the next two years without reducing imports from elsewhere," UBS analysts said in January.
The development could also further hurt farmers who have lost billions in agriculture sales to China as a result of the trade war. Agriculture secretary Sonny Perdue said in late January that with Beijing expected to ramp up purchases, it's no longer necessary to extend the lifespan of a bailout program for farmers,
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