The U.S and China have reached an agreement for China to increase its purchase of U.S. goods and service to meet the consumption needs of the Chinese people and propel the high-quality economic development of China, which also helps support the US economic development and employment.
The deal which also includes “meaningful increases in United States agriculture and energy exports”, is part of the two countries’ efforts to defuse a brewing trade war.
The White House released a joint statement from both countries on Saturday, saying that the U.S. would dispatch a team to China to work out the details, which also may include expanded trade in manufactured goods and stronger “cooperation” in enforcement of intellectual property protections.
The joint statement said the goal is to “substantially reduce the United States trade deficit in goods with China.”
The National Economic Council Director Larry Kudlow had said on Friday that China had agreed to buy “at least $200 billion” in additional goods and services in a bid to sharply reduce the America’s $375 billion trade deficit with the Asian country, which President Trump had continued to frown at.
The Chinese government is however yet to confirm Kudlow’s figures.