Economics
China Offers a Path to Eliminate U.S. Trade Imbalance, Sources Say
- Buying spree offer was made at Beijing talks in early January
- U.S. officials said to be skeptical, want gap closed sooner
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China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations.
By increasing goods imports from the U.S. by a combined value of more than $1 trillion over that period, China would seek to reduce its trade surplus -- which last year stood at $323 billion -- to zero by 2024, one of the people said. The officials asked not to be named as the discussions aren’t public.