China to buy more US goods – outcome of talks amid trade tensions
China will purchase more American goods and services in order to reduce the US trade deficit, the two nations, which are on the brink of a trade war, agreed during high-level consultations in Washington.
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“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the joint US-Chinese statement, issues after the talks, read. “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. This will help support growth and employment in the United States.”
US and China agreed “meaningful increases” in American agriculture and energy exports, with expansion of trade in manufactured goods and services also discussed.
Beijing said it will amend its laws and regulations regarding intellectual property, including the Patent Law, in order to encourage more US purchases.
At the consultations, which took place on Thursday and Friday, the US was represented by Secretary of the Treasury, Steven T. Mnuchin, Secretary of Commerce Wilbur L. Ross, and Trade Representative, Robert E. Lighthizer. The Chinese delegation was headed by State Council Vice Premier, Liu He, who is a Special Envoy of Chinese President, Xi Jinping.
The US will send a team to China to work out the details of the agreement as the sides vowed to “seek to resolve their economic and trade concerns in a proactive manner.”
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