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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

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Oct 31 3:59 PM EST

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From: Bill Wolf	5/19/2018 3:16:40 PM
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China Rejects U.S. Target for Narrowing Trade Gap Beijing officials offer to step up purchases, but refuse to commit to Trump administration’s specific $200 billion cut from bilateral deficit By Bob Davis in Washington and Lingling Wei in Beijing May 19, 2018 3:04 p.m. ET A last-ditch effort by the Trump administration failed to get China to accept its demand for a $200 billion cut in the U.S. bilateral trade deficit, as Chinese officials resisted committing to any specific targets after two days of contentious negotiations. The two days of deliberations in Washington ended with both sides arguing all night on Friday over what to say in a joint statement, people briefed on the matter said. The Chinese had come willing to step up purchases of U.S. merchandise as a measure to narrow China’s vast $375 billion trade advantage. But U.S. negotiators pushed the Chinese delegates to approve a specific target of $200 billion in additional Chinese purchases. The Chinese refused any such target in specific dollar amounts, and the matter is now in the hands of President Donald Trump and President Xi Jinping, the people said. The two sides released a joint statement shortly after the Chinese delegation was scheduled to return home, but it made no reference to the specific purchasing amounts that the U.S. had wanted. “Both sides agreed on meaningful increases in United States agriculture and energy exports,” the statement said, adding that “the delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.” Chinese officials were wary of appearing to make concessions to Washington, and insisted the statement note that any Chinese purchases of U.S. goods and services are intended to “meet the growing consumption needs of the Chinese people.” Write to Bob Davis at bob.davis@wsj.com and Lingling Wei at lingling.wei@wsj.com

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