US, China agree to reduce $370B trade deficit

The United States and China reached an agreement to cut down a $370 billion trade deficit between the two countries.

“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” a joint statement from both countries reads. “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.”

White House officials said the United States would increase agriculture and energy exports to China.

Read more from Fox Business.