China-US trade: China vows speedy action on trade commitments

John Lee

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Trump said in a series of tweets on Tuesday that "unless extended", negotiations with China over economic policies the USA has long considered objectionable would end in 90 days.

Chinese officials have said they are "confident in implementing" trade commitments made to the USA "as soon as possible", without giving details. The White House and Beijing have essentially reached an agreement to pause the trade war for 90 days while the two sides try to reach a formal trade deal.

"China will start with the implementation of the specific matters in which consensus has been reached, the sooner the better", it said, without providing more details.

U.S. President Donald Trump, Secretary of State Mike Pompeo, national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina, on December 1, 2018.

In a commerce ministry statement, Chinese officials called the talks between the two leaders a "great success".

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"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign".

Trump on Tuesday opened the door to lengthier talks, indicating they could extend beyond the March 1 deadline.

The current tariff rate is 40 percent, which China reached in response to Trump's tariffs on $250 billion worth of goods, and it was not clear to what level it would fall. White House economic adviser Larry Kudlow said that the meeting went "very well" in a brief comment to reporters as the Trump delegation left Buenos Aires for Washington.

Treasury Secretary Steven Mnuchin said on CNBC the U.S. and China had held "very specific discussions" in Buenos Aires on Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

Speaking on Monday, Kudlow said the Trump administration would talk about "a lot of things, including our hope that they will continue to invest directly in the US and that they will use".

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Through a translator, Xi said that "only with cooperation between us can we serve the interest of global peace and prosperity and that is why I look forward to this meeting". There was no Chinese confirmation of the move, which would have little impact on trade because most American vehicles sold in China are made here.

The White House said President Donald Trump would also meet briefly with the executives - something that had not initially been on the schedule. "But if not remember, I am a Tariff Man".

"China will for sure cancel the 25 percent tariffs on USA agriculture products". Even though Beijing hasn't confirmed such a plan, shares in BMW (BMWYY) and Daimler (DDAIF), which export SUVs from the United States to China, soared more than 5% in Frankfurt on Monday morning.

It is possible that Beijing could reimburse buyers for the tariffs they pay, as they have done for purchases for the state soybean reserve.

According to a White House press release, for a 90-day period, the US will maintain the 10 percent tariffs on its list of $200 billion in Chinese imports, postponing an anticipated January 1, 2019, increase in duty levels.

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Analysts also note that the two countries remain far apart on the sharpest areas of disagreement, which include Beijing's subsidies for strategic Chinese industries, in addition to forced technology transfers and intellectual property theft.

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