China has offered to go on a six-year buying spree to ramp up imports from the United States in order to reconfigure the relation…
China has offered to go on a six-year buying spree to ramp up imports from the United States in order to reconfigure the relation between the two countries, Bloomberg reported on Jan. 18, citing people familiar with the matter.
By raising annual goods imports from the United States by a combined value of more than $1 trillion, China would seek to reduce its trade surplus, which last year stood at $323 billion, to zero by 2024, one of the people told Bloomberg.
It was unclear how the offer differed from what China pledged when U. S. President Donald Trump and Chinese leader Xi Jinping met in Buones Aires in December 2018. At that meeting, China offered more than $1.2 trillion in additional commitments on trade, Treasury Secretary Steve Mnuchin said.
Reuters reported on Jan. 9 that U. S. officials used three days of trade talks with Chinese counterparts in Beijing to demand more details on China’s pledge to make big purchases of American goods. China offered similar commitments, albeit on a smaller scale, during talks in Washington last May.
