Washington: US President Donald Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to $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.
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 $635.4 billion in total (two way) goods trade during 2017. Goods exports totalled $129.9 billion; goods import totalled $505.5 billion. The US goods trade deficit with China was $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 $57.6 billion; services imports were $17.4 billion. The US services trade surplus with China was $40.2 billion in 2017.
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