Today, a statement has revealed that China has agreed to “significantly” raise the number of goods that the country purchases from the United States of America.
A joint statement that was released by China and the United States said that the two sides had both agreed to a “meaningful increase in US agriculture and energy exports,” even though the statement made no mention regarding the deficit reduction target that is amounting to $200bn (£148.5bn) that has previously been noted by the White House.
The White House said that the said move would “substantially reduce” its annual trade deficit with Beijing that is amounting to $335bn.
The statement disclosed: “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.”
It added: “This will help support growth and employment in the United States.
“Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition.”
However, neither of the sides made any mention of dropping the warning of trade tariffs on the massive amounts of the goods of both the countries.
Previously, Donald Trump, the President of the United States of America, has warned regarding tariffs of up to $150bn on goods that are from China. The US President believes that he will be able to convince China to end the theft of intellectual property of the Americans such as copyright and technology.
The United States has since implemented tariffs on steel and aluminium, which China has not been exempt from.
As a response, China warned about tariffs on imports from the United States such as soybeans, aircraft, fruit, wine, cars, and nuts.