US, China agree to reduce $370B trade deficit

The United States and China agreed to take steps to significantly reduce the $370 billion trade deficit between the two economic powerhouses by having Beijing purchase more goods, according to a joint statement released by the two nations on Saturday.

“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the statement read. “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.”

According to the White House, the U.S. will increase its agriculture and energy exports to China and will send a team of negotiators to Beijing to work out the details. It was unclear how much the deficit would be reduced by.