Chinese officials have told their US counterparts that China is willing to purchase $70 billion of additional American exports in the next year, quantifying for the first time promises made in recent weeks to reduce the two countries’ trade imbalance.
Sources talking to Bloomberg, however, value the figure closer to $25 billion after accounting for products China has already shown interest in buying. Both figures, nevertheless, fall short of the White House’s demands made in May to cut the deficit by $200 billion over the next two years.
Following US Commerce Secretary Wilbur Ross’ inconclusive visit to Beijing last weekend, China warned that all promises it had made pertaining to US imports depended on the condition of no new tariffs on Chinese goods.
President Trump has yet to meet with his advisors to discuss the US’ response to the offer.