News / Asia

China Agrees to $45 Billion in US Export Deals

President Barack Obama and Chinese President Hu Jintao stand quietly during an official arrival ceremony for Hu at the White House, 19 Jan 2011.
President Barack Obama and Chinese President Hu Jintao stand quietly during an official arrival ceremony for Hu at the White House, 19 Jan 2011.

China has agreed to $45 billion in export deals with U.S. companies, with nearly half of the contracts a commitment to buy 200 Boeing aircraft costing $19 billion.

In advance of an official announcement, a senior White House official said on Wednesday the trade agreements would cover a broad range of manufacturing, chemical, agriculture and technology investments.  The official said the deals would benefit 70 companies in 12 U.S. states and support 235,000 jobs.

As part of the agreement, China also said it would add another $3 billion in investments to Chinese firms in the U.S.

News of the trade deals came as U.S. President Barack Obama and Chinese President Hu Jintao opened a summit at the White House.  While the two leaders face disagreements on human rights and currency valuation issues, the U.S. has also pushed to sharply narrow its significant trade gap with the world's most populous nation.  China-U.S. trade totals more than $400 billion annually, but China's trading surplus might have reached $270 billion last year.

Mr. Obama has invited some of the top U.S. business leaders to meet with him and Mr. Hu in an effort to help promote American exports to China.

Chief executives from such well-known U.S. companies as Microsoft, the Goldman Sachs Group, General Electric, Boeing and Coca-Cola are among 14 that Mr. Obama invited.  Mr. Hu brought along four key business executives representing Chinese computer technology, home appliance, automotive parts and investment companies.

While the leaders mentioned ongoing policy differences between them during the official opening ceremony on the White House lawn, the U.S. has also cited the "important economic relationship" between the countries.

Creation of more U.S. jobs is particularly important to Mr. Obama, as the U.S. has struggled to reduce unemployment.  Nine percent or more of the American workforce has been jobless for 20 straight months.

Numerous U.S. companies are seeking to increase their foothold in China, one of the key ones being General Electric.  The international conglomerate is signing a number of deals with China this week involving energy, rail and aviation manufacturing, deals that GE thinks will boost its profits and save U.S. jobs.

Some U.S. firms say that their initial investments in China have proved difficult, complaining that Chinese government regulations favor China's firms and that protection of intellectual property laws is weak.  As part of the new trade agreements, China says it will deal with foreign companies in a more even-handed manner and allow use of more imported technology.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Multimedia Obama Defends Immigration Action

Obama says with his executive action on immigration, enforcement resources will be focused on 'felons, not families; criminals, not children' More

US-Led Airstrikes in Syria Kill Over 900: Monitoring Group

British-based Syrian Observatory for Human Rights says the toll includes more than 50 civilians, five of them women and eight of them children More

Report: Obama Broadens US Combat Role in Afghanistan

The New York Times says resident Barack Obama has signed a classified order extending the role of US troops in Afghanistan for another year More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
New Skateboard Defies Gravityi
X
November 21, 2014 5:07 AM
A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Gay Evangelicals Argue That Bible Does Not Condemn Homosexuality

More than 30 U.S. states now recognize same-sex marriages, and an increasing number of mainline American churches are blessing them. But evangelical church members- which account for around 30 percent of the U.S. adult population - believe the Bible unequivocally condemns homosexuality. VOA's Jerome Socolovsky reports that gay, lesbian, bisexual and transgender evangelicals are coming out. Backed by a prominent evangelical scholar, they argue that the traditional reading of the bible is wrong.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.

All About America

AppleAndroid