On Saturday, the united States and China issued a joint statement that a “consensus” had been reached between the two countries to “substantially reduce” the $370 billion trade deficit the US currently has with China.
“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the joint statement 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,” the statement added.
The statement comes at the conclusion of joint talks between the two countries on Thursday and Friday.
President Donald Trump tweeted out a photo of himself and Vice Premier of the People’s Republic of China, Liu He on Thursday.
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
Trump told reporters on Thursday, “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.”
President Trump didn’t blame China, but rather previous administrations for engaging in bad deals with the Communist country.
Dealing with the trade deficit with China was a major campaign promise that Trump ran on.
So, we have a consensus in writing, but if you know anything about China, that basically means nothing. Trust me, I know people in business there who will vouch for that.
However, we’ll see just what the results are by China’s actions in the future.
Here’s a copy of the joint statement.
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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
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