U.S. and China trade totalled nearly $650 billion last year. The summit between President Xi and Trump could lift that figure even higher. CGTN's Toby Muse has more.

 

TOBY MUSE WASHINGTON U.S. President Donald Trump prides himself on being the consummate dealmaker. Chinese and American companies are waiting to see what deals are made when the leaders of the two largest economies meet. U.S. officials are hoping that trade worth $250 billion could come out of Trump's visit to China.

 

The U.S. is keen to reduce its trade deficit with China. Oxford Economics forecasts the trade deficit with China will grow to $370 billion this year. Although once so-called intermediate goods are subtracted that deficit is cut in half. Anyway, you look at the deficit, business leaders in both China and the U.S. see room for further growth. On Wednesday, a series of deals valued at billions were revealed, including the sale of 50 Bell helicopters to a Chinese buyer. Other deals included General Electric, Caterpillar and Honeywell International. More details are expected Thursday, when the deal will be officially announced. The energy sector is where both nations hope they can boost trade. Currently, the Trump administration is negotiating a contract that would see China Petroleum and Chemical Corp invest billions of dollars in Texas and U.S. Virgin Islands, creating thousands of American jobs.

 

That Lloyd Blankfein, Goldman Sachs CEO, is accompanying Trump on this Asia trip highlights, U.S. banking sector hopes China will open up its financial sector to more foreign investment. Chinese officials have said that there will be a greater space for U.S. banks. However, American bankers are hoping China will streamline some of the regulations that can make it difficult to operate there.

 

Business on both sides are hoping restrictions will be loosened. The Chinese want the U.S. to sell more sensitive technologies to China. The U.S. says it will investigate China's policy of demanding access to intellectual property as a condition for working in China. Toby Muse, CGTN, Washington, D.C.