Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
China offered to buy $70bn worth of US goods over the next year during recent trade negotiations in Beijing, it has emerged.
According to the Wall Street Journal, the offer was made during talks between US Commerce Secretary Wilbur Ross and Chinese Vice Premier Liu He over the weekend.
The South China Morning Post reports that Chinese negotiators offered to buy additional agricultural and energy products from America, including soybeans, corn, natural gas, crude oil and coal in a bid to reduce its trade surplus with the US and appease the White House.
The offer, which is likely a development on the previous, unspecified agreement for China to increase US imports, represents a clear willingness by Beijing to make concessions to the US to avert a trade war.
However, the proposal would be null-and-void if the US proceeds with threatened tariffs against Beijing; China made it clear following the latest talks that all progress to date would be scrapped should Washington hit Beijing with the measures.
The $70bn figure quoted is also a long way off President Trump’s demand for China to reduce its surplus with the US by $200bn. The China-US trade gap totalled $375bn in 2017, according to Business Insider.
President Trump is meeting his trade advisers today (Tuesday) to discuss the offer, Reuters reports.
