The U. S. and China have finally reached an agreement on trade, defusing rising trade war tensions, White House officials announced Saturday. Following two days…
The U. S. and China have finally reached an agreement on trade, defusing rising trade war tensions, White House officials announced Saturday.
Following two days of bilateral consultations on trade, representatives from Washington and Beijing reached a consensus on trade, with the latter agreeing to take “effective measures to substantially reduce the United States trade deficit in goods with China,” a joint statement explained.
An increase in exports to China would “meet the growing consumption needs of the Chinese people and the need for high-quality economic development,” as well as “help support growth and employment in the United States,” according to the statement.
In particular, China intends to import more agricultural and energy products from the U. S. The representative from Beijing agreed to work with the U. S. government to ensure the protection of intellectual property rights.
“Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition,” according to the joint statement.
The U. S. had initially demanded a trade deficit reduction of $200 billion, a figure China reportedly rejected.
