On January 15, 2020 eastern time, China and the United States signed the economic and trade agreement between the government of the People's Republic of China and the government of the United States of America (hereinafter referred to as the agreement) in Washington, the United States.Under the agreement, the United States will increase exports to China of machine tools, synthetic corundum, alumina and other related products.

The text of the agreement includes the preamble, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rates and transparency, expanded trade, bilateral assessments and dispute settlement, and nine chapters of the final articles.At the same time, the two sides agreed that the us would fulfill its commitment to phase out tariffs on Chinese products and realize the transition from raising tariffs to lowering tariffs.

In accordance with the agreement, China shall ensure that its purchases and imports of manufactured goods, agricultural products, energy products and services from the United States shall not be less than us $200 billion from 2017, and that manufactured goods shall increase by us $77.7 billion in two years from January 2020 to December 31, 2021. Among them, the abrasives industry will be affected, us exports to China increased domestic abrasives industry will change to a certain extent the existing pattern, promote transformation and upgrading of industry, innovation and improve the products, reduce cost and on the development of domestic and international market work fundamentally enhance the competitiveness of their products. At the same time, we should speed up the process of import substitution of high-end products in related industries. In a short period of time, a sharp increase in imports to the us may curb imports to some regions and some commodities. But in general, the easing of trade frictions between China and the us will reduce external uncertainties, contribute to the healthy development of industries and enterprises, and contribute to global trade and economy.