Published: Fri, December 07, 2018
Economy | By

China Promises Prompt Action on US Trade Pact

China Promises Prompt Action on US 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.

U.S. President Donald Trump met with his Chinese counterpart Xi Jinping this week to discuss trade policy, and U.S. National Economic Council Director Larry Kudlow told CNBC that the Huawei CFO's arrest is on a "separate track" from trade talks.

China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017. "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".

But the spokesman did not provide more specific details about what actions China would take.

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.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the trade gap.


"China is full of confidence in reaching an agreement within the next 90 days", the spokesman said.

Mr Trump heightened nervousness by tweeting that there would be "a REAL DEAL with China, or no deal at all" at the end of their three-month peace window, "at which point we will be charging major tariffs against Chinese product".

The two sides will negotiate structural changes to forced technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

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

High Chinese retaliatory tariffs on USA soybeans have caused the US exports of soybeans to drop by as much as 97 percent.

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