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Sunday, May 20, 2018

BREAKING : China Rejects U.S. Target for Narrowing Trade Gap

BREAKING : China Rejects U.S. Target for Narrowing Trade Gap

A last-ditch effort by the Trump administration failed to get China to accept its demand for a $200 billion cut in the U.S. bilateral trade deficit, as Chinese officials resisted committing to any specific targets.

Two days of deliberations in Washington ended with both sides arguing all night on Friday over what to say in a joint statement, people briefed on the matter said. The Chinese had come willing to step up purchases of U.S. merchandise as a measure to narrow China's vast $375 billion trade advantage. But U.S. negotiators pushed the Chinese delegates to approve a target of $200 billion in additional Chinese purchases. The Chinese refused any such target in specific dollar amounts, and the matter is now in the hands of President Donald Trump and President Xi Jinping, the people said.

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