China has offered President Donald Trump a $200 billion reduction in its annual trade surplus with the U.S. by increasing imports of American products and other steps, said a Trump administration official.
The U.S. merchandise trade deficit with China hit a record $375 billion last year.
The Trump administration has threatened to impose tariffs on as much as $150 billion of Chinese imports to the U.S. as tensions over trade have escalated.
Trump expressed doubt before his meeting with Liu that China and the U.S. would come to an agreement to avoid a damaging trade war.
Victor Shih, a professor at the University of California in San Diego who studies China’s politics and finance, said he finds an agreement to cut the U.S. deficit by $200 billion “Difficult to contemplate.”