China has decided to significantly boost goods and services imports from the United States, the two countries announced Saturday.
The two biggest economies of the world agreed that they would keep discussing measures under which Beijing would increase imports of energy and agricultural commodities from the U.S. to limit the $335 billion annual U.S. goods and services trade shortfall with China.
U.S and China went through intensive trade discussions in Washington, but they didn’t reveal whether they would drop the tariffs threats on import of millions of goods between the two countries. However, a joint statement said that there was an agreement on taking effective actions to considerably decrease the United States’ trade deficit with Beijing.
The statement further said that China will substantially increase purchase of goods and services from the U.S., to fulfil the need for high-quality economic development and to meet the rising consumption needs of China.
President Donald Trump previously warned to impose heavy taxes on millions of Chinese products to tackle what he thinks is China’s misappropriation of U.S. intellectual property through mutual venture needs and other policies that compel technology transfers.
However, China refused those allegations and in response threatened to impose duties on some of its biggest U.S. imports, including autos and aircraft.
A report by a Chinese new agency described the joint statement as a pledge that the two countries will not initiate a trade was against each other.
Washington and Beijing also agreed on the need of creating favorable environment to boost trade in industrial goods and services.
U.S intends to send a team to Beijing to figure out the details of increased energy and agricultural exports, but the statement didn’t mention the exact timeframe.