Chinese commerce minister reassures US on trade deficit

Chinese commerce minister reassures US on trade deficit

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Donald Trump is expected to tackle the US trade deficit with China this week. In response to questions from Bloomberg News, China’s Commerce Minister Zhong Shan laid out a list of measures being undertaken that could help narrow the $327 billion gap, America's largest with any nation. China will host its first-ever import fair in November next year, and will roll out tax, fiscal and administrative initiatives aimed at helping foreign firms sell more into what is becoming a big and sophisticated consumer market, Zhong wrote. Slated for Shanghai in November 2018, the China International Import Expo (CIIE) reflects China's "sincere wish to open its market to the world and its sense of responsibility as a big country to push for an open world economy," he said. "In the coming five years, (China) is expected to import over $10 trillion of goods and services." The US president lambasted the imbalance during his campaign and as recently as Monday in Japan.