US Seeks Balanced Trade with China, Trump Tells Xi

Washington, May 8 (PTI) US President Donald Trump today sought balanced trade with China in a phone call with his Chinese counterpart Xi Jinping during which the two leaders agreed on continued sanctions against Pyongyang till the time it dismantled its nuclear weapons programme.

"The two leaders discussed issues of mutual interest, including recent developments on the Korean Peninsula and President Xi's meeting today with North Korean leader Kim Jong Un," the White House said in a readout of the phone call.

Trump and Xi agreed on the importance of continued implementation of sanctions on North Korea until it permanently dismantles its nuclear and missile programs, the White House said.

"Trump affirmed his commitment to ensuring that the trade and investment relationship between the United States and China is balanced and benefits American businesses and workers," it said.

The trade dispute between the top two economies of the world began last month with Trump imposing tariffs on steel and aluminium imports into the US.

China retaliated by imposing additional tariffs worth about USD three billion on 128 US products.

Trump, while demanding China to reduce the USD 375 billion by USD 100 billion, retaliated with USD 50 billion tariffs on Chinese products.

In retaliation, China announced plans to impose new tariffs of 25 per cent worth USD 50 billion on 106 American products including items like soybeans which could hurt American farmers.

The two countries have not yet implemented their tariff increases to reach a negotiated settlement.

China's trade surplus with the US last year rose to a record high. While China put the total at USD 275.8 billion, US figures said it is USD 100 billion more.

Tackling the trade gap between the US and China was one of President Trump's election campaign promises.

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