China agrees to boost purchases of US good, services – White House

WASHINGTON, May 19 (KUNA) — Senior US and Chinese officials concluded two days of high-level trade talks agreeing to boost purchases of American goods and services, the White House stated Saturday.

In a joint statement released by the White House, the US and China have reached a consensus to that would substantially reduce the US trade deficit with the world’s second largest economy.

A Chinese delegation led by Vice Premier Liu He met this week in Washington with Secretary of Treasury, Steven Mnuchin along with Commerce Secretary Wilbur Ross and United States Trade Representative Robert Lighthizer for talks aimed at rebalancing the US-China economic relationship.

Both sides agreed on “meaningful increases” in US agriculture and energy exports to China. The delegations also discussed expanding trade in manufactured goods and services, and the need to create favorable conditions to increase trade in these areas,” according to the statement.

Trade negotiators also agreed to strengthen cooperation on intellectual property protections, and agreed to encourage two-way investment and “strive to create a fair, level playing field for competition.” US and Chinese officials agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner, according to the joint statement.

This article provided by NewsEdge.