US President Donald Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to USD 375 billion, on Tuesday said that talks with Beijing on a trade deal were going on “very well”.
“Talks with China are going very well!” Trump tweeted, amidst ongoing negotiations between officials of the United States and China on reducing their bilateral trade deficit and addressing some of the concerns of the Trump Administration regarding Chinese stealing of intellectual properties.
During their meeting in Buenos Aires, Argentina on the sidelines of the G-20 Summit last year, Trump and his Chinese counterpart Xi Jinping agreed to resolve their trade differences in 90 days.
In recent weeks, China has showed some signs of flexibility or acceding to the American demands.
Trump argued that the trade deficit with China is unsustainable.
Analysts believe the talks – the sixth round of negotiations between the two sides – are unlikely to produce a major breakthrough but will lay important groundwork for an agreement that both sides appear increasingly eager to reach.
China is currently America’s largest goods trading partner with USD 635.4 billion in total (two way) goods trade during 2017. Goods exports totalled USD 129.9 billion; goods import totalled USD 505.5 billion. The US goods trade deficit with China was USD 375.6 billion in 2017.
Trade in services with China (exports and imports) totalled an estimated USD 75.0 billion in 2017. Services exports were USD 57.6 billion; services imports were USD 17.4 billion. The US services trade surplus with China was USD 40.2 billion in 2017.