trade deficit

Trump Wants China to Cut Trade Deficit by $100 Billion

Dan Industry News Release, Trade

The White House has asked China to come up with a plan that would cut $100 billion off the trade deficit it currently has with the U.S. An administration official says that would be a reduction of more than 25 percent from last year’s trade gap with China.

trade deficitBloomberg says the U.S. trade shortfall in goods traded with China surged another eight percent during the first year of the Trump presidency. Commerce Department data released last month showed the deficit at a record $375 billion.

A tweet from President Trump on Wednesday appeared to say China had been asked to reduce the trade deficit by $1 billion instead of the $100 billion reduction which was first reported by the Wall Street Journal. Trump has repeatedly expressed dismay over the rising trade deficit with China, reinforcing that in a recent conversation with the President of China.

A White House official was asked about the difference between the Wall Street Journal report and what the president tweeted recently. The official confirmed that the Trump tweet was a “typo,” and he meant $100 billion.

From the National Association of Farm Broadcasting News Service.