Bye Bye Trade War? China Plans $1 Trillion Buying Spree to Reduce US Trade Deficit

Bye Bye Trade War? China Plans $1 Trillion Buying Spree to Reduce US Trade Deficit
China proposes major buying spree of U.S. goods to eliminate trade gap. | Source: Shutterstock

China has extended the olive branch back to the United States by offering a path to eliminate Washington’s burgeoning trade deficit with the country, Bloomberg reported Friday. The news comes less than a day after The Wall Street Journal reported that the Trump administration was considering lifting tariffs amid the ongoing trade war.
China Proposes Six-Year Buying Spree

Citing sources familiar with the matter, Bloomberg reported Friday that China has offered to significantly boost its purchase of U.S. goods over a six-year period in an effort to re-balance trade between the two superpowers. By increasing its annual imports from the United States, Beijing would reduce its trade surplus to zero by 2024. That would require a spending boost of more than $1 trillion.

Last year, Beijing’s surplus with the U.S. stood at $323 billion.
Trade War Truce?

Trade talks between the U.S. and China are progressing at breakneck speed, a strong sign that both sides are looking to end the tariff dispute before March. That’s when the 90-day truce agreed to by President Donald Trump and China’s Xi Jinping is set to expire.

https://www.ccn.com/bye-bye-trade-war-china-plans-1-trillion-buying-spree-to-reduce-us-trade-deficit/

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