‘CHINA TO BUY US$70b WORTH OF U.S. GOODS’
Beijing willing to expand imports if Washington drops plans to impose tariffs
CHINA has offered to buy US$70 billion (RM278.3 billion) worth of United States goods if Washington drops plans to impose tariffs in return, said an official in President Donald Trump’s administration on Wednesday, confirming an earlier report.
Top Chinese economic adviser Liu He made the offer during weekend trade talks in Beijing with a US delegation led by Commerce Secretary Wilbur Ross, The Wall Street Journal reported on Tuesday.
The new purchases would include soyabeans, natural gas, crude oil and coal.
The Commerce Department said no definitive agreement had been reached and no further information was available.
During a regular news briefing in Beijing yesterday, the Chinese commerce ministry confirmed the two sides had discussed detailed proposals during the trade negotiations.
“China and the US carried out in-depth and concrete discussions in some specific areas of trade cooperation, especially agricultural products and energy,” said Gao Feng, the ministry’s spokesman, when asked about the US$70 billion figure.
“China is willing to expand imports from the US under the precondition of both sides walking towards each other,” said Gao.
US exports to China last year hit US$130.4 billion, according to the Department. A US$70 billion package of purchases would amount to a 53.8 per cent increase.
For goods alone, the US trade deficit with China hit a record US$375 billion last year, and the White House has demanded Beijing cut the imbalance by US$200 billion.
“If the US introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void,” said China’s official Xinhua news agency.