The U.S. Is Pressing China To Cut Its Trade Surplus With The U.S.. Trade War Fears Growing

© REUTERS/ Jason Lee

Reuters: U.S. pressing China to cut trade surplus by $100 billion: White House

WASHINGTON (Reuters) - The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, a White House spokeswoman said on Wednesday, clarifying a tweet last week from President Donald Trump.

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by $1 billion, but the spokeswoman said Trump had meant to say $100 billion.

The United States had a record $375 billion trade deficit with China in 2017, which made up two thirds of a global $566 billion U.S. trade gap last year, according to U.S. Census Bureau data.

China reported its 2017 U.S. trade surplus as $276 billion, also about two thirds of its reported global surplus of $422.5 billion.

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WNU Editor: The White House is putting pressure .... Trump demands aides pump up anti-China tariffs (Politico). The markets are getting nervous .... Dow closes more than 200 points lower, as Boeing slides on fears of a China trade war (CNBC). More fears are being raised here .... Trump's 'trade cold war’ will have disastrous economic consequences (CNBC).

Update: Some facts on U.S. - China trade .... Fact: In 2017, the U.S. and China Traded $711 Billion Worth of Goods and Services (National Interest).