‘Consensus’ Reached to Slash $370 Billion U.S. Trade Deficit with China

In a joint statement released Saturday, the United States and China announced that a “consensus” was reached to “substantially reduce” the $370 billion trade imbalance between the two countries.

“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the joint statement said, adding, “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.”

JUST IN: In joint statement with the US, China says it will “significantly increase purchases of United States goods and services” to “help support growth and employment in the United States.”https://t.co/vpyWbVRRy9 pic.twitter.com/OZ0CU8vqPJ

— CNBC Now (@CNBCnow) May 19, 2018

“The statement concluded joint talks on Thursday and Friday between the two countries, which included several U.S. cabinet secretaries and China’s State Council Vice Premier Liu He,” reports Channel NewsAsia.

Talking trade with the Vice Premier of the People’s Republic of China, Liu He. pic.twitter.com/9T7Iq6F3Xe

— Donald J. Trump (@realDonaldTrump) May 17, 2018

Reducing the United States’ trade deficit with China was a core campaign promise of President Donald Trump.

The announcement comes after Trump recently reaffirmed his stance on countering China’s improper trade practices.

“We have been ripped off by China, an evacuation of wealth like no country has ever seen before, given to another country that’s rebuilt itself based on a lot of the money they’ve taken out of the United States, and that’s not going to happen anymore,” Trump told reporters in the Oval Office on Thursday.