US Has an “Agreement in Principle” with China to Reduce Trade Deficit
Thursday, US Commerce Secretary Wilbur Ross said that China looks to be open to reducing its trade deficit with the US by as much as $200-B within 2years, along with other White House demands.
“I think they agreed to the concept of a trade-deficit reduction,” Secretary Ross said a a breakfast in Washington. “The questions are how much and how do you get there?”
The US delegation also asked that most of China’s deficit reduction come from purchases of US goods.
“Our approach has been to request individual products on which we could sell more to them than we are selling now, as opposed to them selling us less,” Secretary Ross said Thursday. “Us selling more to them has more bang for the Buck for our economy.”
China’s Vice Premier Liu He is expected to visit Washington this month to continue negotiations, though Ross said “there’s a chance it’s not next week.”
White House press secretary Sarah Huckabee Sanders has said Liu was scheduled to visit next week, but a Commerce Department spokesman said Thursday that “discussions of timing are ongoing.”
President Donald Trump has called on Beijing to cut its annual trade surplus with the US by $200-B by the end of Y 2020 and refrain from retaliation against proposed US tariffs.
China wants the United States to stop an investigation into the country’s acquisition of sensitive American technologies.
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