US, China Reach A ‘Consensus’ To Reduce Trade Deficit

A joint articulation discharged by China and US on Saturday said that there was an accord on taking viable measures to considerably lessen 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 statement said.

The joint US-China statement came following round of talks on Thursday and Friday which saw the participation of US ministers and China’s state council vice-premier, Liu He.

The statement said China will “advance relevant amendments to its laws and regulations” to allow for more American imports, including changes to patent laws.

US President Donald Trump, who previously threatened China with tariffs on up to $150bn of imports, expressed doubt before the meeting that China and the US would come to an agreement.

According to Reuters, while the statement said the two sides would engage at high levels and “seek to resolve their economic and trade concerns in a proactive manner,” it made no mention of tariffs.

However, a report by China’s state-run Xinhua news agency described the statement from the two governments as “vowing not to launch a trade war against each other.”

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