Trade war averted? China vows to buy more from US, but truce will take time
The consensus follows two days of negotiations between teams led by Chinese Vice-Premier Liu He and US Treasury Secretary Steven Mnuchin
China has agreed to buy more US agricultural and energy products to help narrow a record bilateral trade deficit, addressing a key demand US President Donald Trump has pursued since announcing punitive tariffs threatening to push the two countries into an all-out trade war.
“There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” the White House said in a joint announcement on Saturday, following two days of negotiations between teams led by Chinese Vice-Premier Liu He and US Treasury Secretary Steven Mnuchin.
“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 White House said.
“Both sides agreed on meaningful increases in United States’ agriculture and energy exports. The United States will send a team to China to work out the details” and will “continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.”
Liu was quoted by Xinhua as saying: “This is a positive, pragmatic, constructive and fruitful visit. Both sides have reached a lot of consensus on the healthy development of Sino-US trade relations.”
He also pledged to deepen cooperation on bilateral investment and intellectual property protection, but said it would take time to solve the structural problems facing the Sino-US trade relationship.