Hu Jintao US state visit update: China and US export firms agreed on $45 Billion worth of trade deals

By on Jan 20, 2011 in Asia, Business, Current Events, Headlines, Politics, United States, World Comments

A total of 70 trade deals worth $45 billion between exporters in 12 US states and China was announced on Wednesday, January 19, 2011, as reported by international news sites. The move has given US companies greater access to China‘s $88 billion worth of market contracts. Chinese President Hu Jintao is on a four-day US state visit.

Photo Credit: AP/Thehindu.com

Chinese investors are now in the US in relation to Hu‘s state visit. These investors have signed agreements with US giant firms that included Alcoa, General Electric, Honeywell, Westinghouse and Caterpillar among others. The trade deals included China‘s finalization of a $19 billion contract to buy 200 Boeing aircraft that will be delivered between 2011 and 2013. Reports say that the trade agreement will generate at least 235, 000 jobs for the Americans that will be distributed to machinery, software, aviation, agriculture, and other manufacturing jobs like railways and hybrid buses.

US President Barack Obama and China President Hu Jintao announced the trade deals during a joint press conference. The announcement put emphasis on the theme of economic cooperation  between the two countries. However, other reports say that the amount of the deals will have less impact on the huge bilateral trade deficit between the US and China that is estimated to be at a record of $275 billion in 2010.



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