China agrees to import ‘significantly’ more goods from US

China has agreed to "significantly" increase the number of goods it buys from the US.

A joint statement between the US and China said the two sides had agreed to a "meaningful increase in US agriculture and energy exports," although it made no mention of the $200bn (£148.5bn) deficit reduction target that has previously been mentioned by the White House.

The White House added that the move would "substantially reduce" its $335bn annual trade deficit with Beijing.

"To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services," the statement read.

"This will help support growth and employment in the United States.

"Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition."

Read more: Economists arent overreacting, Trumps trade war is a terrifying prospect

But neither side made any mention of dropping the threat of trade tariffs on huge amounts of both the countries' goods.

Donald Trump has previously warned of tariffs of up to $150bn on Chinese goods, which he believes will persuade China to end the theft of American intellectual property like technology and copyright.

The US has since implemented tariffs on aluminium and steel, which China has not been exempt from.

In retaliation, China threatened tariffs on US imports like aircraft, soybeans, wine, fruit, nuts and cars.

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CityAM

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