US-China Joint Statement Commits to Reduce Trade Gap Significantly

  • Joint statement of the USA and China (after talks between US treasury secretary Steven Mnuchin and Chinese state council vice-premier Liu He) stated on Saturday that effective measures will be undertaken for substantially reducing “the United States trade deficit in goods with China”. It also said that “China will significantly increase purchases of United States goods and services” for meeting increasing needs of Chinese people, owing to high-quality economic development of China. China’s state-run Xinhua news agency said the joint statement was issued to avert a trade war between two economic superpowers. The United States has reportedly pushed for decreasing the US trade deficit with China from $375.2 Billion to $200 Billion by 2020.