U.S., China agree on measures to reduce U.S. trade deficit
During meetings in Washington, D.C., on May 17 and 18, the United States and China agreed to measures that would reduce the U.S.’ trade deficit to China, according to a joint statement from the two countries.
China agreed to “significantly increase” purchases of U.S. goods and services, including agricultural products and energy exports. The U.S. plans to send a team to China to work out details. The two countries also discussed expanding trade in manufactured goods and services, strengthening intellectual property protections and encouraging two-way investment.
The U.S. overall trade deficit to China is an estimated $335 billion, according to published reports. The USDA reported agricultural exports of $19.6 billion to China in 2017, making the Asian nation the U.S.’ second-largest agricultural export market behind Canada.