Whoa...
China just extended Trump a massive olive branch to try to calm the trade battle
China has floated a massive purchase of US goods, according to a new report, in an effort to curb burgeoning trade tensions with the Trump administration.
According to Lingling Wei and Bob Davis at The Wall Street Journal, Chinese officials in a meeting with Commerce Secretary Wilbur Ross over the weekend offered to purchase close to $70 billion worth of US goods in the next year if the US backs off proposed tariffs on imports of Chinese products.
As part of the new purchases, China would import larger amounts of US soybeans, corn, natural gas, crude oil, coal, and more, according to The Journal.
China blinked "big league"...
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Just to give an idea of the trade deficit...
Trump requested that China reduce the trade deficit, which totaled roughly $375 billion last year, by $200 billion. According to The Journal, Chinese officials believe the purchases could go a long way toward meeting that demand.
This is why we need to renegotiate. How does that happen? We come out on the short end of the stick by $375 billion in one year.
That's not trade... that's theft.
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