China agrees to reduce Trade disputes by purchase more US products

China and the United States (US) have agreed to reduce the trade imbalance between the two, according to a joint statement delivered on Saturday (19/05/2018). The move will include China's efforts to buy more products and services from the United States

The United States and China have held bilateral trade talks starting Thursday in the US amid fears of a trade war between the world's two largest economies.

In a joint statement issued by the White House, the two sides made a "consensus on effective action-making to substantively reduce the US merchandise trade deficit against China.

The day before, White House economic adviser Larry Kudlow had claimed China would cut its trade deficit with the US by $ 200 billion a year.

However, it is unclear how much China will buy US products. The Wall Street Journal reported Saturday that the US side failed to make China is committed to a clear deficit reduction figure because the two countries argue all night about the statement substance.

The trade imbalance has become a major topic in the relations between the two countries. US Commerce Department data showed the export and import deficit between the US and China reached last year's record high of more than US $ 375 billion.

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However, the joint statement announced on Saturday was reconciliatory.

"To meet the Chinese people's consumption continues to grow and the need for high-quality economic development, China will significantly increase purchases of US goods and services. This will support growth and job creation in the US," the statement said.

China is a country with a great demand for US farmers who are concerned with their future of several major agricultural commodities in the middle of a trade dispute between the two countries.

China and the US also agreed to "increase energy and US agricultural exports. The US will send a team to China to discuss the details of it," according to a joint statement between two countries.

Both countries also agreed to expand cooperation in several fields, such as manufacturing and intellectual property rights, which the main issues of trade dispute between two countries. In March, US President Donald Trump imposed a US $ 50 billion tariff on imported products from China in retaliation for allegedly stealing US intellectual property rights