(National Sentinel) Trade & Economics: U.S. firms are signing major deals with Chinese counterparts as part of President Donald J. Trump’s first, historic state visit worth hundreds of billions of dollars to both countries.
As reported by CNBC, the Commerce Department has revealed the list of the 37 major deals signed between U.S. and Chinese companies around President Donald Trump’s trip through Asia.
The total value of the deals is pegged at about $250 billion, the department said.
“Catepillar, Boeing, and Goldman Sachs are just some of the notable names on the list of companies that made deals with China,” CNBC reported.
Commerce Secretary Wilbur Ross praised the president, saying the deals demonstrated how he is successfully building bilateral relations with Beijing, widely considered to be the United States’ biggest strategic competitor in the coming years.
“American businesses are the most innovative in the world and, when given access, can compete with anyone,” Ross said. “I believe these deals can provide a solid foundation for a stronger relationship that is more free, fair, and reciprocal between the U.S. and China.”
“It was a great honor for these [deals] to be witnessed by President Trump and President Xi today,” Ross added. “A special thank you to our CEO delegation for their hard work in support of this historic event.”
China’s trade deficit with the U.S. has been expanding this year. It grew 12.2 percent in October from a year earlier to $26.6 billion. In the first 10 months of the year, the total surplus widened to $223 billion.
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Meanwhile, China is the United States’ third-biggest export market, behind Canada and Mexico.
Speaking in Beijing on Thursday, Trump laid the blame for the ballooning deficit on “past administrations for allowing this out-of-control trade deficit to take place and to grow.”
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