USA - In a joint statement released Saturday, the United States and China announced that a “consensus” was reached to “substantially reduce” the $370 billion trade imbalance between the two countries. “There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the joint statement said, adding, “To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services.” Reducing the United States’ trade deficit with China was a core campaign promise of President Donald Trump.