China vows quick action on USA trade promises: 'The sooner the better'

Daniel Fowler
December 7, 2018

We will remind, the President of the United States Donald trump and Chinese President XI Jinping, on the sidelines of the G20 summit have agreed not to impose additional duties from 1 January 2019. "But if not remember, I am a Tariff Man".

He had earlier also indicated that the deadline for an agreement could be extended.

It did not give further details but it crucially did not contradict the U.S. president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.

Trump on Wednesday touted Beijing's agreement to designate Fentanyl as a Controlled Substance. Very good things will happen. It will now be considered a 'controlled substance.' This could be a game changer on what is. If China cracks down on this 'horror drug, ' using the Death Penalty for distributors and pushers, the results will be incredible!,' Trump wrote in a pair of tweets.

'Maybe that's the fault of us not communicating, ' Peter Navarro told Fox News in an appearance on Special Report. Even if the tariffs are lifted now, the USA crop is becoming less competitive in the Chinese market as the harvest season approaches in South America.

On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press.

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Chinese purchases for the aforementioned products have almost completely halted after Beijing imposed tariffs on them in response to the US tariffs on Chinese goods.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.

The 90-day timetable started Saturday and will stave off a round of tariffs on Beijing that were scheduled to go into effect on January 1, the White House said on Monday.

For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries. If the two had failed to reach an agreement, the USA would've seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019.

China has promised to act quickly on the agreement but failed to release details, rattling financial markets.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

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