File Photo: Trump speaking in Beijing after talks with Xi Jinping November 9, 2017, Credit: Screenshot/White House official YouTube
China and the United States have developed consensus on taking effective measures to “substantially” reduce Washington’s trade deficit with Beijing as top representatives of the two largest world economies wrapped up two-day consultations.
A joint statement released by the White House Saturday said both sides agreed on meaningful increases in United States agriculture and energy exports.
“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China.
“To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services,” statement said.
“This will help support growth and employment in the United States,” the two sides note in the statement.
The United States will send a team to China to work out the details, as the two countries seek to address trade imbalances ater President Donald Trump decided to impost tariffs on Chinese imports, and called for a fair deal in the two-way commerce.
As per media reports, under the new arrangement China has expressed willingness to import American products worth billions of dollars and in return seeks waiver of tariffs on its exports.
At the two-day talks, Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur L. Ross, and United States Trade Representative Robert E. Lighthizer represented the United States while State Council Vice Premier Liu He, Special Envoy of President Xi Jinping led the Chinese delegation.
According to the joint statement, the two delegations also discussed expanding trade in manufactured goods and services.
“There was consensus on the need to create favorable conditions to increase trade in these areas.
Both sides attach paramount importance to intellectual property protections, and agreed to strengthen cooperation.
Besides, China will advance relevant amendments to its laws and regulations in this area, including the Patent Law.
“Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition.
“Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.”
