China planning to buy upto $200bn worth of American goods
China may buy up to $200 billion worth of American goods under intense pressure from the Trump administration to reduce its massive trade deficit with the US, amid a round of high-level trade talks between the world's two largest economies.
The US has threatened to impose 25% tariffs on up to $150 billion in Chinese goods while China has targeted $50billion in American exports.
Chinese delegation in US for trade negotiations
A high-level Chinese delegation led by Vice Premier Liu He is currently in Washington for trade negotiations with the US. The two-day talks would continue until Friday. The two countries have not yet implemented their tariff increases to reach a negotiated settlement.
Chinese promises would be illusory: Economists
The Chinese promises would be largely illusory, economists cautioned, given the structural hurdles in China to buying more American exports and the sheer amount of goods the United States would have to produce to meet Beijing's demand.
In a readout of the latest round of trade negotiations, White House said the US officials conveyed the President's clear goal for a fair-trading relationship with China.
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China to buy America's agricultural products, too
Under the deal being discussed, China would pledge to buy substantially more American goods, including agricultural products like soybeans, as well as semiconductors, and natural gas.
"That could theoretically reduce its trade surplus with the United States, which hit $372.5 billion last year, by up to $200 billion, though the real number would most likely be lower," the White House said.
China would ask US to set aside tariffs, investment restrictions
In return, China is asking the US to set aside tariffs and investment restrictions it has threatened against Chinese companies, the report said.
Meanwhile, the US Congress is looking set to advance a bill that would give the US greater power to block deals between American and Chinese companies that could risk national security.
The US has a trade deficit of almost $500 billion.
Vice Premier Liu He