US, China Agree to Increased Trade Cooperation
China and the United States said Saturday that they had reached consensus on steps to substantially reduce the U.S. trade deficit with Beijing.
The announcement followed high-level talks in Washington and U.S. allegations that unfair Chinese trade practices meant the United States was buying far more from China than it sold there.
China pledged to make “meaningful” increases in purchases of services and goods, particularly agricultural and energy items.
A statement from the White House said Washington would send a team of officials to China to work out details. It mentioned the importance of intellectual property protection and said the two sides would work to achieve a “level playing field in trade.”
New York Senator Chuck Schumer, the Democratic minority leader, said the statement offered too few details.
He said China often denies access to its huge market unless U.S. companies give Chinese firms access to American technical and business secrets. Schumer said short-term purchases of U.S. goods would not make up for that.