China agreed to increase imports of American agricultural products to $40 billion or so a year - much higher than the 2012 peak of $26 billion.
The United States and China have announced an initial trade deal that will roll back some tariffs and boost Chinese purchases of U.S. goods and services, defusing an 18-month conflict between the world's two largest economies.
Relations between the United States and China are very important, said the US president, stressing that the two sides are working together closely in economy and trade, along with a wide range of other areas, which will help promote world peace and prosperity.
The two countries are "writing the wrongs of the past", the US President said, adding that he would soon visit China and thanked his Chinese counterpart for this deal.
Both products were among thousands of U.S. goods hit by Chinese tariffs in July 2018, in response to the Trump administration's taxes on $34 billion of Chinese goods.
At the same time, he said, punitive tariffs on China would remain in place till the time the second phase of the trade deal is agreed.
Biden said the steps the deal takes are "almost all vague, weak, or covered by previous announcements and existing agreements". President Trump, Ambassador Lighthizer, and their negotiation team have worked tirelessly to get us to this point, and I applaud their hard work on behalf of the American people.
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"The China-U.S. relationship is one of the most important bilateral relationships around the globe", noted by Liu, "The steady development of the Chinese economy will present a positive opportunity to the world economy, and the U.S. included".
And Treasury Secretary Steven Mnuchin said Trump's negotiating stance led to a "fully enforceable deal" which could bring additional tariffs.
China's central bank said Chinese financial institutions are completely capable of coping with foreign competition and it will strengthen financial supervisions as the sector is freed up.
What's next: There's already talk of a "phase two" deal that could address some of the larger issues.
CCTV, China's state television broadcaster, said the deal would satisfy China's increasingly demanding consumers with products such as dairy, poultry, beef, pork and processed meat from the United States. USA gas exports will face competition from Russian supplies arriving via a new pipeline.
Under that scenario, an enforcement action could cause the agreement to collapse, China trade experts say.
Per the new China-U.S. trade pact signed on Wednesday, the agreement includes some big wins for farmers and businesses in our area.
To maintain healthy and steady growth of China-U.S. relations serves the interest of both countries and requires joint efforts from both sides, Xi said. Under the phase one agreement, the US will not have to prove trade abuses in an global court.
China agreed to increase purchases of USA exports by $200 billion over two years and to stop pressuring companies to hand over technology.