President Trump on Wednesday claimed the U.S. has asked China to create a strategy that would shrink the $375 billion trade deficit between the U.S. and China by $1 billion over the next year.
“China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States,” Trump tweeted Wednesday morning. “Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!”
China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!
— Donald J. Trump (@realDonaldTrump) March 7, 2018
The White House has not shared additional information about the trade deficit announcement or if it plans to continue shrinking that difference over the next few years.
In 2016, the U.S. and China traded an estimated $648.5 billion of goods and services. However, U.S. imports were $479 billion compared to the $170 billion in exports, according to the White House Office of the U.S. Trade Representative.
Trump’s statement comes less than 24 hours since the White House economic policy adviser Gary Cohn resigned from his position.
Last week, Trump declared the U.S. would begin imposing sharp tariffs on steel and aluminum imports. It’s not clear if that unexpected decision played a role in Cohn’s departure.
