China to buy 'significantly' more US goods and services after trade talks

China to buy 'significantly' more US goods and services after trade talks
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China has agreed to purchase more U.S. goods and services following a second day of trade talks between Washington and Beijing on Friday.

In a joint statement issued Saturday, the U.S. and China said "there was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China."

"To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services," the statement reads. "This will help support growth and employment in the United States."

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But according to The Wall Street Journal, Chinese negotiators resisted demands from Washington to cut the trade deficit between the two countries in half. China was also cautious about committing to specific purchases of U.S. goods and services.

Still, "both sides agreed on meaningful increases in United States agriculture and energy exports," the statement said.

Senior U.S. officials — including Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money — Presented by Wells Fargo — Senate approves Trump trade deal with Canada, Mexico | Senate Dems launch probe into Trump tax law regulations | Trump announces Fed nominees Senate Democrats launch investigation into Trump tax law regulations Treasury watchdog to investigate Trump opportunity zone program MORE, U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerGOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 Pelosi sounds hopeful on new NAFTA deal despite tensions with White House MORE and Commerce Secretary Wilbur RossWilbur Louis RossTrump scheduled to attend Davos amid impeachment trial Let's remember the real gifts the president has given America Welcome to third-world democracy and impeachment MORE have been participating in talks with Chinese officials about a potential trade deal as the countries seek to stave off a trade war.

The Trump administration has proposed stiff tariffs on $150 billion in Chinese products. In turn, Beijing has threatened duties on $50 billion in U.S. products. The tit-for-tat has raised concerns of a looming trade war between the world's two largest economies.

President Trump raised doubts this week about a potential trade deal with China, saying that Beijing had "become very spoiled" in its past dealings with the U.S.

"You've never seen people come over from China to work on a trade deal. Now, will that be successful? I tend to doubt it," Trump told reporters during a meeting with the NATO secretary-general.

"The reason I doubt it is because China has become very spoiled. The European Union has become very spoiled."