US Delegation Reportedly Seeking $200 Billion Reduction in US-China Trade Deficit
The U.S. has asked China to reduce the bilateral trade deficit by $200 billion by the end of 2020, according to an eight-point list of demands that leaked to journalists during two days of trade talks in Beijing. The Wall Street Journal has reported that in addition to expected positions on intellectual property, investment barriers in China, forced tech transfer, and subsidies to high-tech firms, the document also asked China to agree not to retaliate against U.S. farmers.
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Neither the Chinese government nor the White House talked about specifics in their statements after the talks ended. According to the official Xinhua news agency, "the two sides agreed that a sound and stable China-U.S. trade relationship is crucial for both, and they are committed to resolving relevant economic and trade issues through dialogue and consultation." The countries had "thorough exchange of views on issues including increasing U.S. exports to China, bilateral service trade, two-way investment, protection of intellectual property rights, as well as resolving tariff and non-tariff issues, reaching consensus in some areas," it said.
The delegation "held frank discussions with Chinese officials on rebalancing the United States-China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers," the White House said in a statement May 4. "The size and high level of this delegation illustrates the importance that the Trump Administration places on securing fair trade and investment terms for American businesses and workers. There is consensus within the Administration that immediate attention is needed to bring changes to United States-China trade and investment relationship. The delegation now returns to Washington, D.C., to brief the President and seek his decision on next steps."