http://news.morningstar.com/all/dow...-trade-deficit-by-100-billion-4th-update.aspx
By Lingling Wei
BEIJING -- The Trump administration is asking Beijing for a plan to cut the U.S. trade deficit with China by $100 billion, according to people familiar with the matter.
President Donald Trump tweeted Wednesday that Washington had asked Beijing for a $1 billion reduction -- less than 0.3% of the countries' annual trade gap or around one day's worth of the trade imbalance. His tweet was off by $99 billion.
According to the people, Trump administration officials made the request to Liu He, the main architect of China's economic policy, last week when he was in Washington. Mr. Liu said in his Washington meetings that narrowing the vast bilateral trade deficit was in China's interest as China seeks to shift away from an export-led growth model. It is unclear how feasible the deficit-reduction goal is for Beijing and what kind of plan it could offer.
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By Lingling Wei
BEIJING -- The Trump administration is asking Beijing for a plan to cut the U.S. trade deficit with China by $100 billion, according to people familiar with the matter.
President Donald Trump tweeted Wednesday that Washington had asked Beijing for a $1 billion reduction -- less than 0.3% of the countries' annual trade gap or around one day's worth of the trade imbalance. His tweet was off by $99 billion.
According to the people, Trump administration officials made the request to Liu He, the main architect of China's economic policy, last week when he was in Washington. Mr. Liu said in his Washington meetings that narrowing the vast bilateral trade deficit was in China's interest as China seeks to shift away from an export-led growth model. It is unclear how feasible the deficit-reduction goal is for Beijing and what kind of plan it could offer.
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