Market News & Headlines >> China Makes Substantial Progress on Phase-one Trade Commitments

China has substantially increased purchases of U.S. farm goods and implemented 50 of 57 technical commitments aimed at lowering structural barriers to U.S. imports since the two nations signed a trade deal in January, the U.S. government said on Friday. 

In a joint statement, the U.S. Trade Representative's (USTR) office and the U.S. Department of Agriculture (USDA) said China had bought more than $23 billion in U.S. agricultural goods to date, or about 71% of the target set under the so-called Phase-one trade deal. 

"Since the Agreement entered into force eight months ago, we have seen remarkable improvements in our agricultural trade relationship with China, which will benefit our farmers and ranchers for years to come," U.S. Trade Representative Robert Lighthizer said in a statement.