China promises prompt action on U.S. trade pact

China promises prompt action on U.S. trade pact

China promises prompt action on U.S. trade pact

China's government said Thursday it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive.

US President Donald Trump and Chinese President Xi Jinping agreed on 1 December on a truce in their escalating trade war during their meeting on the sidelines of the G20 summit in Buenos Aires, Argentina.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", commerce ministry spokesman Gao Feng said at a regular press briefing.

In Argentina last weekend, Trump and Xi agreed to a truce that delayed the planned January 1 USA hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal.

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The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the USA and China would begin on January 1 instead of December 1.

Trade experts have said 90 days is scant time for resolving sprawling conflicts over technology, state industries and other issues that have bedeviled U.S.

"We will start with agricultural products, energy, automobiles to immediately implement the issues that the two sides have reached consensus", Gao said, when asked about what is on the negotiation agenda.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices.

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Trump added China would roll back tariffs of 40% on cars.

US Trade Representative Robert Lighthizer will lead the talks to see "whether or not a REAL deal with China is actually possible", Trump tweeted on Tuesday.

The Washington Post reported, though, that tariffs on USA cars had only been raised earlier this year in response to Trump's trade war escalation.

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