Beijing and Washington agreed they would keep talking aboutmeasures under which China would import more energy andagricultural commodities from the United States to close the$335 billion annual U. S. goods and services trade deficit withChina.
China has agreed to significantly increase its purchases of U. S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier.
Beijing and Washington agreed they would keep talking aboutmeasures under which China would import more energy andagricultural commodities from the United States to close the$335 billion annual U. S. goods and services trade deficit withChina.
A joint statement issued at the conclusion of intensivetrade talks in Washington did not indicate whether the twocountries would delay or drop their tariff threats on billionsof dollars worth of each country’s goods, which has sparkedfears of a wider trade war and roiled financial markets.
„There was a consensus on taking effective measures tosubstantially reduce the United States‘ trade deficit in goodswith China,“ the joint statement said.
„To meet the growing consumption needs of the Chinese peopleand the need for high-quality economic development, China willsignificantly increase purchases of United States goods andservices.“
President Donald Trump has threatened to impose tariffson up to $150 billion on Chinese goods to combat what hisadministration says is Beijing’s misappropriation of U. S.intellectual property through joint venture requirements andother policies that force technology transfers.
Beijing denies such coercion and has threatened equalretaliation, including tariffs on some of its largest U. S.imports – among them aircraft, soybeans and autos.
A report by China’s state-run Xinhua news agency describedthe statement from the two governments as „vowing not to launcha trade war against each other.“
While the statement said the two sides would engage at highlevels and „seek to resolve their economic and trade concerns ina proactive manner,“ it made no mention of tariffs.
It said there was consensus between Washington and Beijingon the need to create „favorable conditions to increase trade“in manufactured goods and services.
