China offering Trump package to slash US trade deficit 'by up to $200 billion a year'

China is offering US President Donald Trump a package of trade concessions and increased purchases of American goods aimed at cutting the US trade deficit with China by up to $200 billion a year, US officials familiar with the proposal said. News of the offer came during the first of two days of US-China trade talks in Washington focused on resolving tariff threats between the world’s two largest economies. But it was not clear how the total value was determined. One of the sources said US aircraft maker Boeing Co would be a major beneficiary of the Chinese offer if Trump were to accept it. Boeing is the largest US exporter and already sells about a quarter of its commercial aircraft to Chinese customers. Another person familiar with the talks said the package may include some elimination of Chinese tariffs already in place on about $4 billion worth of US farm products including fruit, nuts, pork, wine and sorghum, Reuters reported. A White House statement described the meetings as part of “ongoing trade discussions” and said Trump met with the Chinese delegation led by Vice Premier Liu He and the US team led by Treasury Secretary Steven Mnuchin. “The United States officials conveyed the President’s clear goal for a fair trading relationship with China,” the White House said. Politically sensitive sectors targeted by Chinese tariffs Asian stocks edged up on Friday as investors kept a cautious watch on developments in the negotiations, with the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher. The index was headed for a 1 percent loss this week. Japan’s Nikkei rose 0.25 percent, South Korea’s KOSPI was up 0.4 percent and Australian …Read the rest of this story

Source:: https://finance.yahoo.com/news/china-offering-trump-package-slash-025314746.html