Not the phrase used by the White House, but I think the essence of the statement. From ActionForex:
THE WHITE HOUSE – Office of the Press Secretary
FOR IMMEDIATE RELEASE – May 19, 2018Joint Statement of the United States and China Regarding Trade Consultations
At the direction of President Donald J. Trump and President Xi Jinping, on May 17 and 18, 2018, the United States and China engaged in constructive consultations regarding trade in Washington, D.C. The United States delegation included Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur L. Ross, and United States Trade Representative Robert E. Lighthizer. The Chinese delegation was led by State Council Vice Premier Liu He, Special Envoy of President Xi.
There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. 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. This will help support growth and employment in the United States.
Both sides agreed on meaningful increases in United States agriculture and energy exports. The United States will send a team to China to work out the details.
The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.
Both sides attach paramount importance to intellectual property protections, and agreed to strengthen cooperation. China will advance relevant amendments to its laws and regulations in this area, including the Patent Law.
Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition.
Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.
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No mention of $200 billion reduction, no mention ZTE, no mention of specifics on intellectual property. Not that’s necessarily a bad thing. From my perspective, it is stoopid to focus on reducing the US-China bilateral trade balance. This is an economically meaningless statistic, particularly in an era of global value chains/production fragmentation. It is only meaningful in providing Mr. Trump a symbolic deliverable to the set of voters who view America’s engagement in the global economy as a zero sum game. (It is also stoopid to concede on ZTE for 30 pieces of silver.)
A lot of aspirations but NO specific policy proposals. None whatsoever. This is a lot the goal of a nuclear free Korea. Worthy goal but Rocket Man has given us nothing concrete. And yep – Trump thinks he deserves the Nobel Peace Prize!
What do we export to China?
https://www.census.gov/foreign-trade/statistics/product/enduse/exports/c5700.html
The big 3 in 2017 were: (1) aircraft (over $16 billion), (2) cars (over $10 billion), and (3) rice (over $12 billion). China is thinking about starting its own aircraft sector and may ramp up its automobile production so I can we need to sell them a lot more rice!
Never forget what is most important to Trump. Trump.
Appreciate the reference to ‘peace for our time’, but I think from that era the term ‘Phony War’ may be a better proxy for where we are now. The American unilateral proclamation of a truce implicitly acknowledges that the conflict is already underway. I think Trump started it for domestic political reasons. It wouldn’t be the first, and won’t be the last international conflict lightly commenced in response to internal pressures.
Washington and Beijing declared a truce in their trade spat over the weekend after Chinese negotiators pledged to buy more U.S. products. So much for the meme of trade wars! Fake meme. Trump’s aim was always and always will be renegotiating bad trade agreements starting with those even before NAFTA. Bottom line is US GDP growth rate will rise another notch in a sustained way. Americans had no choice in either the incumbent or challenging party candidate after Reagan. Both candidates each election were bought and paid for by the NWO. Bushes card carrying members. Clinton and Obama puppets. But God has struck, through the instrument of our current president who is a true patriot — as distinct from being a corrupt globalist. Now America is forever altered by the new path it is on. November 2016 ushered in a sea-change. Hardly any other word to describe it. Payoff already in 50% boost in real growth rate. More coming. Trump is adding to the bushel, wisely and carefully one grain at a time. The other by far more important bushel — that of top corporate CEOs, federal judges including Supreme Court, Congressmen, Washington bureaucrats, academics, think tank CEOs, foundations, three-letter federal agencies, media — is being emptied of the rotten apples. The long slow legal process has begun. Either resign as slap on wrist or be indicted. Look at the spate of resignations already. And members of Congress who will not run again. Sealed indictments in the thousands soon to be unsealed. Der ratten wandern aus!
Needle on cognitive dissonance will wrap to the far high side and may break, so great is the hail and rain about to be unleashed by AG Jeff Sessions.
JBH: Is this a parody? Or are you serious?
Sometimes, when a guy goes off his meds, it’s magical. Sometimes, not so magical. I sure hope my post didn’t trigger that outburst.
Sealed indictments in federal courts cumulating at the astonishing rate of 4K to 5K per month! Normal pace 1K annually. Source: PACER. What could this hard fact be all about? Mueller’s mandate has limited scope. As well, the NYTimes reports that no evidence of collusion has been uncovered. On the other hand, all along Trump/Sessions intended to drain swamp. To the full extent of the law. But first had to rid the country of the bad sheriffs and bad judges. Remarkable progress in such a short time. All senior high-level FBI holdovers fired = a dozen. Repeat fired, not resigned. Largest purge in FBI history. Similarly rest of DOJ and other departments and agencies. Federal district court judges nominated during Obama’s first 17 months = 43. During Trump’s 17 months = 89. Federal judiciary vacancies yet to fill, 146 out of 890. Leaving military tribunals to handle treason and sedition.
House members who did not seek reelection last term = 40. House members not seeking reelection current term = 53. Still time in 14 states for more to step down before filing deadline. Not counting those who resigned. Why is Speaker Ryan not running again? The real reason? Highly credentialed George Washington University law professor Jonathan Turley says to combine all the powers of the US Department of Justice’s inspector general with a prosecutor – Utah’s US Attorney John Huber – who can bring charges, seek indictments, and get results for President Trump far more quickly than a second special counsel. So there’s a new prosecutor in town, but the MSM is silent on this. Why?
Corruption is the main impediment to growth. The swamp is deeper and wider than anyone could ever imagine. The public has been blinded by the MSM – part of the very swamp. People hate Trump so much they can’t hear when he says fake news. Shock coming! Watch the economy go up as the swamp goes down and gets drained. Creatures the public could never in a million years imagine will appear out of its depths. What do you think the coup in Saudi Arabia and coming reunification of the Koreas is all about?
When the swamp waters start to recede … be safe Menzie. I believe you are honest. Though like so much of the public you are living in a fog of illusion.