MoneyNewsTop NewsWorld

US, China agree to increase trade cooperation to reduce deficit

UNITED STATES (OBSERVATORY) – The two countries have agreed to take measures to reduce the US trade deficit in goods by pushing China to buy more US goods, particularly agricultural products and energy, a joint statement issued by the United States and China said on Saturday.

“There is agreement to take effective measures to substantially reduce the US trade deficit with China in the area of ​​commodities,” the statement said.

“China will significantly increase its purchases of goods and services from the United States in order to meet the growing consumption needs of the Chinese people and the need for high-level economic development,” the statement said.

The statement came at the end of Thursday and Friday talks between the two countries, attended by a number of US ministers and Chinese Vice Premier Liu Hee.

President Donald Trump made reducing the trade deficit between the United States and China an essential pledge in his campaign.

China will “amend its relevant laws and regulations” to allow for more US imports, the statement said.