Hong Kong (CNN Business) China has agreed to buy hundreds of billions of dollars worth of products from the United States as part of their "phase one" trade deal. The agreement signed Wednesday will have Beijing purchase an additional $200 billion of US goods and services over the next two years. China imported over $185 billion in total US goods and services that year. In exchange, Washington has agreed to reduce tariffs on $120 billion in Chinese products from 15% to 7.5%. Total exports to China would increase to over $260 billion in 2020, and roughly $310 billion in 2021 if the deal holds.

Source: CNN January 16, 2020 13:03 UTC