China and the US agreed on measures to avoid trade war


China and the United States completed negotiations to reduce trade deficit between the two countries. For the first time Beijing has promised to increase imports of American goods

Photo: Brian Snyder / Reuters

China agreed to take measures to increase the import of American goods to reduce the trade deficit between the two countries. This is stated in the statement both countries released by the White house.

“The consensus for the adoption of effective measures to significantly reduce the trade deficit between the US and China,” — said in a statement. In connection with the growing needs of the population and the need for “high quality economic development,” China will significantly increase purchases of American goods, which will help economic growth and employment in the United States.

Both countries agreed to “substantially increase” the export of American agricultural products and energy. The United States sent to China team to work out the details. The country also came to the conclusion that we should create favorable conditions for expanding trade in industrial goods and services, and to strengthen cooperation in the protection of intellectual property. China is ready to amend laws in this area, including the patents act.

“Both sides agreed to promote bilateral investments and create fair and equal conditions for competition”, — said in a statement.

In negotiations with the American side was represented by Minister of Finance Steven Mnuchin, Minister of Commerce Wilbur Ross and U. S. trade representative Robert Lighthizer, with Chinese Vice-Premier Liu he.

Earlier, the President of the United States Donald trump threatened to impose tariffs on imports of Chinese goods amounting to $150 billion So he was going to fight with what he called the misappropriation of American intellectual property by Chinese authorities, which established the enabling requirements for entry to the market. China has said it is ready to impose retaliatory tariffs.

On the talks to prevent a trade war Washington has demanded that China reduce trade deficit by $200 billion (now it is $335 billion). Reuters reported that China is in such conditions are agreed, however, on Friday, may 18, Beijing denied this information. In a joint statement, specific figures are not called.

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