China over the weekend offered to buy $70 billion worth of U.S. exports if the Trump administration agrees to drop its threat to impose tariffs on $50 billion worth of Chinese goods.
A government source familiar with the talks confirmed China’s offer, which was first reported in the Wall Street Journal. The Journal said China proposed buying $70 billion worth of U.S. agriculture and energy products.
The source said that the U.S. side didn’t offer anything to China in order to generate that offer, and that no agreement has yet been struck.
Chinese President Xi Jinping’s economic envoy, Lui He, met over the weekend with Commerce Secretary Wilbur Ross. Ross was sent to China after the Trump administration said it would impose tariffs on Chinese goods starting this month to retaliate for unfair Chinese trade practices.
The offer shows China is willing to negotiate with President Trump to get him to end his threat of tariffs. But splits have been reported within the U.S. government on how to resolve the fight.
Some have said China should be required to end its restrictive trade practices, but others have said it could be ended with a commitment from China to buy more U.S. goods and services.
