China Hails Trump-Xi Summit, Says "Very Confident" in Trade Deal

Lloyd Doyle
December 7, 2018

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

Chinese President Xi Jinping and his USA counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.

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.

Talks during the 90 day period during which President Donald Trump has agreed to suspend US tariff hikes will start by focusing on farm goods, energy and automobiles, said a Ministry of Commerce spokesman, Gao Feng.

The two sides also will discuss intellectual property protection, technical cooperation, market access and their trade balance, Gao said.


China yesterday appeared to try to ease concerns by saying it would "immediately" implement measures agreed under the truce.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the yawning trade gap. China had been the largest purchaser of USA soybeans, buying $12.25 billion worth of that product in 2017. China has responded with its own tariffs.

On Tuesday, Trump tweeted about the potential for a deal with China, before warning that if a deal wasn't reached in 90 days he would slap more tariffs on China because he was "a Tariff Man". His comments echoed earlier remarks made by senior Chinese diplomat Wang Yi, who said the meeting was "friendly and candid" and would help to avoid further trade tensions.

The daughter of Huawei's founder is facing extradition to the United States, dealing a blow to hopes of an easing of Sino-U.S. trade tensions and rocking global stock markets.

Washington and Beijing have exchanged steep tariffs on more than US$300 billion (RM1.2 trillion) in total two-way trade, locking them in a conflict that has begun to eat into profits.

Other reports by Iphone Fresh

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