ARN News Centre

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.

More from International

US-Iran peace talks end without agreement, delegations leave Pakistan

The US and Iran failed to reach an agreement to end their war despite marathon talks that concluded on Sunday in the Pakistani capital Islamabad, jeopardising a fragile ceasefire.
Russia, Ukraine trade accusations of ceasefire violations

Russia and Ukraine accused each other on Sunday of breaching the 32-hour ceasefire in their four-year war, reporting more than a thousand drone and shelling attacks just hours after the truce began on Saturday to mark Orthodox Easter.
At least 30 dead in stampede at Haiti’s historic Laferriere Citadel

At least 30 people were killed on Saturday in a stampede at the Laferriere Citadel in the northern countryside of Haiti, authorities said, warning that the death toll could rise.
Cyclone lashes New Zealand's North Island, hundreds evacuated

A cyclone battered New Zealand's North Island on Sunday, cutting power to thousands of residents and forcing hundreds to evacuate, as officials warned conditions would worsen through the day.
US-Iran talks pause for now, disagreements remain

Negotiations between the United States and Iran appeared to have concluded for now, Iran's government has announced early on Sunday, after a series of talks in Pakistan to end the six-week war between Washington and Tehran.