On Wednesday, President Trump signed the historic U.S. trade agreement with China, which will be a solid first step toward fairer trade between the two countries.
The deal, according to Chinese sources, is between $215 billion and $220 billion in traded goods.
According to Fox Business, “Beijing will purchase up to $50 billion of crops, according to President Trump and Treasury Secretary Steven Mnuchin, $40 billion of which has been confirmed by Chinese sources. China has also agreed to buy $40 billion in services, $50 billion in energy and $75 billion to $80 billion worth of manufacturing, according to Chinese sources.”
“This is a great win for American business and American farmers,” said Treasury Secretary Steve Mnuchin.
President Trump was joined by China’s Vice Premier Liu He, reading a letter from Chinese President Xi Jinping, thanking the United States for the deal. In the letter, the President wished the “fair” deal to “optimize positive impact.”
Amid the signing of the U.S./China deal, The Dow Jones Industrial Average traded 160 points higher, or 0.6% to reach an all-time high. The S&P 500 gained 0.4% and also hit a record, while the Nasdaq Composite advanced 0.5%.