U.S., China Closer on Trade Pact

The United States and China agreed to take measures to reduce the U.S. trade deficit in goods by having China purchase more American goods - particularly agriculture and energy products, according to a joint statement the two nations released on Saturday.

 

"There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China," the joint statement reads. "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."

 

The statement concluded joint talks on Thursday and Friday between the two countries, which included several U.S. cabinet secretaries and China's State Council Vice Premier Liu He.

 

President Donald Trump made reducing the trade deficit between the United States and China a key campaign promise.

 

The statement says that China will "advance relevant amendments to its laws and regulations" to allow for more American imports, including changes to patent laws.

 

Reuters reporting by Ginger Gibson; Editing by Steve Orlofsky