After series of high-level talks on bilateral trade in Washington this week, China and the U.S. say they've agreed to work together to reduce the multibillion-U.S.-dollar trade imbalance... as China increases its purchase of American goods and services.
According to the joint statement Saturday, China will be significantly increasing purchases of U.S. goods and services, notably in the agriculture and energy sectors... to meet its growing consumption needs,... and this is expected to help support growth and employment in the U.S.
Details on how much the imbalance will be reduced have not been clarified.
But the move will lower concerns of a brewing trade war between the world's two largest economies... as the two countries have been slapping tariffs on each others' goods and services ever since the Trump administration took a hard line against China, arguing it has stolen intellectual property.