US pressing China to cut trade surplus by $100b | The Daily Star
12:00 AM, March 16, 2018 / LAST MODIFIED: 12:00 AM, March 16, 2018

US pressing China to cut trade surplus by $100b

The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, a White House spokeswoman said on Wednesday, clarifying a tweet last week from President Donald Trump.

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by $1 billion, but the spokeswoman said Trump had meant to say $100 billion. The United States had a record $375 billion trade deficit with China in 2017, which made up two thirds of a global $566 billion US trade gap last year, according to US Census Bureau data.

China reported its 2017 US trade surplus as $276 billion, also about two thirds of its reported global surplus of $422.5 billion.

The White House spokeswoman declined to provide details about how the administration would like China to accomplish the surplus-cutting goal - whether increased purchases of US products such as soybeans or aircraft would suffice, or whether it wants China to make major changes to its industrial policies, cut subsidies to state-owned enterprises or further reduce steel and aluminum capacity.

In a Thursday editorial, widely-read Chinese state-run tabloid the Global Times said the United States was trying to play the victim.

“If the US wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with international market demand, instead of asking the rest of the world to change,” it wrote.

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