Bloomberg News cited a Trump administration official as saying that Beijing sought to cut its surplus by $200 billion annually, matching a demand by the U.S. made earlier this month. -China trade deficit on a sustainable basis would require a massive change in the composition of trade between them, and the news had been met with scepticism from economists.
BEIJING-China has ended an anti-dumping and antisubsidy investigation into imported US sorghum, as the two countries work toward a deal to ease trade tensions. The ministry said such actions were not in the public interest.
"This rumor is not true".
"According to my information, the consultation is still underway and it is constructive", said spokesman Lu Kang at a regular news conference.
The announcement comes as senior Chinese and USA officials are meeting in Washington for a second round of trade talks aimed at averting a trade war between the world's two biggest economies.
Earlier on Friday, China announced that it was ending its sorghum investigation, which had effectively halted a trade worth roughly $1.1 billion past year.
Shipping containers are seen at Nansha terminal of Guangzhou port, in Guangdong province, China, June 14, 2017. Beijing still threatens to slap aggressive 25 percent tariffs on a swathe of USA farm goods, including sorghum and soybeans.
President Donald J. Trump's administration has proposed tariffs on up to $150 billion in Chinese products to punish Beijing for requiring United States companies to turn over technology in exchange for access to China's market.
The probe had sparked worries that tariff-inflated costs for the grain would be passed onto feedmakers and eventually push retail meat prices higher.
"China has become very spoiled. because they always got 100 percent of whatever they wanted from the United States", he said, adding a barrage of criticism against former U.S. administrations for allowing the United States to be "ripped off" by Beijing.
That top-line number in the Chinese offer would largely match a request presented to Chinese officials by Trump administration officials in Beijing two weeks ago.
The deposit scheme brought trade to a halt and disrupted supply chains worldwide, with nearly two dozen ships carrying US sorghum stranded at sea, as merchants and buyers scrambled to sell cargoes at big discounts elsewhere. Authorities imposed preliminary anti-dumping tariffs of 178.6 p.c final month on the crop, which is used primarily for animal feed and liquor.
China started investigating U.S. sorghum in February after finding that large volumes and falling prices hurt Chinese producers.
"China has taught a lesson to the United States and showed how it can hurt US exports", said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "We are now saved", said a private sorghum trader who had over 600 tonnes of USA sorghum stranded at a Chinese port. "The next USA sorghum crop will be harvested in August".