China offered Donald Trump package to reduce U.S. trade deficit

Vastavam web: China has offered U.S. President Donald Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the proposal said.The offer came during athe first of two days of U.S.-China trade talks in Washington aimed at resolving tariff threats between the world’s two largest economies, but it was not immediately clear how the total value was determined.

Another person familiar with the talks said the package may include some elimination of Chinese tariffs already in place on about $4 billion worth of U.S. farm products including fruit, nuts, pork, wine and sorghum.The top-line number would match a request presented to Chinese officials two weeks ago by the Trump administration. But getting to a $200 billion reduction of the U.S. China trade deficit on a sustainable basis would require a massive change in the composition of U.S.-China trade, as the U.S. goods deficit was $375 billion last year.Trump met with the leader of the Chinese delegation, Vice Premier Liu He on Thursday, but the White House did not make any statement following the meeting.

Earlier on Thursday, Trump criticized China as being “very spoiled” on trade with the United States, but said he was aiming for an overall deal with China.Speaking to reporters at the White House, Trump said China had “ripped off” the United States for too long and that he told Chinese President Xi Jinping that “we just can’t do that anymore.”