China to purchase more US goods to reduce trade deficit

May 20, 2018 09:40

China will ramp up its purchase of United States goods to reduce its massive trade imbalance with the United States, the two countries said in a joint statement at the conclusion of the latest round of high-level trade talks between them.

The two sides also agreed on "meaningful increases" in United States agriculture and energy exports.

The US will send a team to China to work out the details, the joint statement at the conclusion of the trade delegation level talks between the two countries on May 17 and 18, stated.

"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," the joint statement said.

This will help support growth and employment in the United States, it said.

The United States delegation included Secretary of the Treasury Steven T Mnuchin, Secretary of Commerce Wilbur L. Ross, and United States Trade Representative Robert E. Lighthizer. The Chinese delegation was led by State Council Vice Premier Liu He, Special Envoy of President Xi.

The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favourable conditions to increase trade in these areas. -- PTI

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