U.S. officials seeking a China trade deal are focused on long-term changes to that nation's economy. But President Trump wants to reduce the trade deficit and wants China to purchase more goods, according to two people briefed on discussions.
U.S. officials seeking a China trade deal are focused on long-term changes to that nation's economy. But President Donald Trump is set on reducing the trade deficit, and is pushing his negotiators to get China to agree to purchase more goods, according to two people briefed on discussions.
In 2018, the U.S. posted a record $891 billion trade deficit with China, according to figures released March 6 by the Bureau of Economic Analysis. The deficit of U.S. goods – the metric of most importance to Trump and his China hawks – reached a record $419 billion. The data showed a sharp decrease in China's import of U.S. goods in the fourth quarter as trade tensions escalated.
Brad Setser, senior fellow for international economics at the Council on Foreign Relations, said China could boost the total figure in its offer if it further opened up its market to U.S. pork, beef, rice or corn, where there's already existing demand. President Trump's advisors have sought to steer his focus in negotiations to the long-term, or so-called structural, change issues in China's economy that must be fixed to rebalance the trading relationship going forward. In Congressional testimony, television interviews and briefings with reporters, they've consistently said no deal will happen without sustainable, enforceable changes.
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