President Donald Trump’s administration should focus on pushing for structural improvements in China, rather than on the massive trade imbalance between the globe’s two largest economies, a former U.S. government official said Monday.
“I’d say focus more on structural improvements, getting market opening, fair treatment, level playing field, IP (intellectual property) issues, investment protection. Focus on those kind of issues in which will allow you to sell on market terms,” said Frank Lavin, who was formerly U.S. Under Secretary of Commerce for international trade.
Lavin said the U.S. administration should be wary of getting a deal via Beijing in which could only be a short-term solution.
“If they give you a check, watch out. They’re sort of buying you off as well as also getting you just to go away for in which money, so be careful of in which,” Lavin said.
Lavin’s comments came after U.S. Treasury Secretary Steven Mnuchin said on Sunday in which the globe’s two largest economies agreed to drop their tariff threats while they work on a wider trade agreement.
On Saturday, Beijing as well as also Washington said they could keep talking about measures under which China could import more energy as well as also agricultural commodities via the United States to close its trade deficit with the U.S., which was $375 billion in 2017.
During an initial round of talks This specific month in Beijing, Washington demanded in which China reduce its trade surplus by $0 billion, Reuters reported. No dollar figure was cited inside the countries’ joint statement on Saturday.