China promises prompt action on U.S. trade pact

Daniel Fowler
December 7, 2018

US President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing November 9, 2017.

"China will start from agricultural products, autos and energy to immediately implement specific items that China and the US have agreed upon", Ministry of Commerce Spokesman Gao Feng told reporters in Beijing.

Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets.

"We are very confident in reaching an agreement (with the United States) within the next 90 days", China's commerce ministry spokesman Gao Feng said in a weekly briefing, adding both sides have been communicating and cooperating "smoothly" since the leaders met in Argentina. "In the next 90 days we will work in accordance with the clear timetable and road map to negotiate in areas where both sides have an interest and there are mutual benefits, such as intellectual property rights protection, technology cooperation, market access, and the trade balance".

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

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WASHINGTON, USA - US President Donald Trump said Tuesday, December 4, the talks to resolve the trade dispute with China had begun already and would last for 90 days unless they were extended. "China is supposed to start buying Agricultural product and more immediately".

China has said it will import more U.S. products to reduce its trade surplus, but no dollar amount has been publicly discussed.

That optimistic tone contrasted with Chinese criticism of Canada's arrest of an executive of technology giant Huawei who a Toronto newspaper said is accused by the United States of trying to violate trade curbs on Iran.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

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