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Trade War: China to buy semiconductors from US to reduce trade surplus

To avert a looming trade war with the US, Chinese officials are also rushing to finalize new regulations by May.


Reuters
Updated: 26-03-2018 17:27 IST
Trade War: China to buy semiconductors from US to reduce trade surplus

Donald Trump officially signed the memorandum of trade action against China last week. (Image Credit: Wikimedia)

China has offered to buy more semiconductors from the United States by diverting some purchases from South Korea and Taiwan, to help cut China's trade surplus with the US, the Financial Times reported on Monday, citing unidentified sources.

To avert a looming trade war with the US, Chinese officials are also rushing to finalize new regulations by May that will allow foreign financial groups to take majority stakes in its securities firms, Financial Times said, citing people briefed on the discussions.

Also Read | China considering to impose tariffs on US imports as trade war deepens

Donald Trump officially signed the memorandum of trade action against China last week.

Donald Trump stated that US deficit with Beijing was "out of control" at about USD 504 billion and there was a huge "intellectual property theft situation."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)