China offers US President Donald Trump $290 billion cut in US trade deficit video

[Judi Lynn]

Source: Stuff (N.Z.)

SALEHA MOHSIN
Last updated 13:36, May 18 2018

China has offered President Donald Trump a $US200 billion ($NZ290 billion) reduction in its annual trade surplus with the United States by increasing imports of American products and other steps, a Trump administration official says.

China made the offer during talks in Washington this week as Chinese Vice Premier Liu He visited to try to resolve a trade dispute, the official said, speaking on condition of anonymity. Liu met with Trump on Thursday afternoon (Friday NZ time) at the White House.

. . .

"Will that be successful? I tend to doubt it," Trump said during a press briefing on Thursday with Nato Secretary-General Jens Stoltenberg. "The reason I doubt it is because China's become very spoiled."

Reuters reported the $US200 billion trade deficit reduction offer earlier.

Read more: https://www.stuff.co.nz/business/world/104023354/.html

[keithbvadu2]

1. What's the problem? They both want America to sell more technology to China to hack our cybersecuri

What's the problem? They both want America to sell more technology to China to hack our cybersecurity.

[CentralMass]

2. This after: House panel rebukes Trump, upholds sanctions on Chinese tech megafirm

https://www.politico.com/story/2018/05/17/house-panel-backs-zte-sanctions-in-rebuke-of-trump-550140

"The House Appropriations Committee on Thursday quietly rejected the Trump administration’s efforts to help restore the U.S. operations of the controversial Chinese tech megafirm, ZTE. widely suspected of spying on the U.S. government."

"We cannot allow [ZTE] to infiltrate U.S. networks or give them access to the U.S. markets while they continue to be beholden to their government,” Rep. Dutch Ruppersberger (D-Md.), who drafted the language, said during the committee markup.

The language was added to a relatively uncontroversial House spending bill, which funds the Commerce Department, among other agencies. The rare bipartisan amendment was approved in a voice vote, with backing from the GOP subcommittee chairman, Texas Republican Rep. John Culberson.

American companies are currently barred from buying or selling ZTE products, after the megafirm willfully violated an international accord by doing business with Iran and North Korea.

Since then, the Chinese company — which is closely tied to the government — has struggled financially."
......................................
tRump is a triple agent.

[Honeycombe8]

3. I'm shocked that the House of Rep did something that might ruffle Trump's feathers.

I doubt this signals a change. this is one committee. But it's something.

[roamer65]

4. That means widespread unemployment in China.

The Communist Party of China will not risk the social unrest it would bring. They will go to war production if it does happen.

[Trust Buster]

5. "A Trump Administration official says" - They have zero credibility.

[KY_EnviroGuy]

6. Bloomberg article casts doubt on this claim...

China Can’t Cut Its Trade Gap by $200 Billion
There’s no way to make the math add up here.

Link: https://www.bloomberg.com/view/articles/2018-05-18/china-can-t-cut-its-u-s-trade-surplus-by-200-billion
(snip)

The great thing about large numbers is they can get so huge that you can bamboozle people by chucking them around.

That’s the best way to view Beijing’s reported offer to reduce its trade surplus with the U.S. by $200 billion (the country's foreign ministry cast doubt Friday on whether such a proposal had been made). In the context of economies with a combined gross domestic product in the region of $30 trillion, it looks like a rounding error. The trouble comes when you try to work out where the reduction will come from.

Very interesting charts showing what's trading between the US and China.

.....

[Eugene]

7. China denies it has offered a $200 billion package to slash U.S. trade gap

Source: Reuters

BUSINESS NEWS MAY 18, 2018 / 12:07 AM / UPDATED AN HOUR AGO

China denies it has offered a $200 billion package to slash U.S. trade gap

Michael Martina, Tony Munroe
5 MIN READ

BEIJING (Reuters) - China denied on Friday that it had offered a package to slash the U.S. trade deficit by up to $200 billion, hours after it dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top negotiators meet in Washington.

U.S. officials had said on Thursday that China was proposing trade concessions and increased purchases of American goods aimed at cutting the U.S. trade deficit with China by up to $200 billion a year.

“This rumor is not true. This I can confirm to you,” Chinese foreign ministry spokesman Lu Kang told a regular news briefing.

“As I understand, the relevant consultations are ongoing and they are constructive,” he said, adding that he could not elaborate on the specifics of the negotiations.

-snip-

Read more: https://www.reuters.com/article/us-usa-trade-china/china-halts-u-s-sorghum-dumping-probe-amid-signs-of-trade-thaw-idUSKCN1IJ0A0