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Both China and the U.S. seek to avoid a damaging tariff war, although U.S. President Trump’s administration was demanding a $200 billion cut in China’s U.S. trade surplus and greater protections for intellectual property, David Lawder at Reuters reported earlier.

In more recent trade, however, Reuters sources who are familiar with trade talks have said that China has indeed offered Trump a US trade deficit reduction package approaching $200 billion annually.