Ag News
U.S., China agree on measures to reduce U.S. trade deficit
Posted on May 30, 2018 at 0:00 AM
During meetings in Washington, D.C., on May 17 and 18, the United States and China agreed to measures that would reduce the U.S.’ trade deficit to China, according to a joint statement from the two countries.
China agreed to “significantly increase” purchases of U.S. goods and services, including agricultural products and energy exports. The U.S. plans to send a team to China to work out details. The two countries also discussed expanding trade in manufactured goods and services, strengthening intellectual property protections and encouraging two-way investment.
The U.S. overall trade deficit to China is an estimated $335 billion, according to published reports. The USDA reported agricultural exports of $19.6 billion to China in 2017, making the Asian nation the U.S.’ second-largest agricultural export market behind Canada.
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