China Not to Blame for US Trade Deficit, Chinese Officials Say
Chinese officials on July 28 said their country can’t be blamed for the U.S. trade deficit with China, because “complicated U.S. trade structures are the real reason,” according to a statement published by the China government-run news outlet China Daily.…
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China also runs “a heavy deficit in trade” with the U.S. on high-tech products, agriculture and services, officials said. The statement also notes the comments were a response to U.S. Commerce Secretary Wilbur Ross’ remarks earlier this month that the U.S. bilateral trade deficit in goods with China has grown from $101 billion to $309 billion over the last 15 years (see 1707200009). Differences in economic structures, focuses on certain industries with advantages, international division of labor, the “system of trade statistics,” and U.S. restrictions on high-tech exports to China have all contributed to China’s trade surplus with the U.S., China Ministry of Commerce spokesperson Gao Feng said. “China does not aim for trade surplus, and is willing to further increase volume of imports from the US,” China Council for the Promotion of International Trade Deputy Director-General Liu Chao said in a statement. “We hope the U.S. will do the same and take productive actions in easing restrictions on imports from China.”