Published: Fri, December 07, 2018
Money | By Ralph Mccoy

China to Implement Deals With US in Cars, Energy, Agriculture

China to Implement Deals With US in Cars, Energy, Agriculture

China will immediately implement the consensus that the two sides have already reached, starting with agricultural products, energy and automobiles, Gao said.

Chinese President Xi Jinping and his US 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.

The White House said that the USA has agreed that the tariffs on $200 billion worth of product will remain at 10% until January 1st 2019 and that China "will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries". Since then, the two countries have exchanged several rounds of trade duties on hundreds of billions of dollars' worth of goods.

China has said it will immediately implement measures agreed under a trade war "truce" with the US.

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

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.

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

China has indicated that it is confident it can strike a lasting trade deal with the United States.

But Trump again sought to paint the talks in a more positive light, highlighting a report from Bloomberg that "Chinese officials have begun preparing to restart imports of U.S. Soybeans & Liquified Natural Gas" that were put on hold as a result of the president's initial tariffs.

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.

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

"When it comes to the trade policies that have been proposed so far specifically, I think we can all expect that there will be further tariff increases on USA imports of Chinese goods, whether that's within the 90-day window that we are now operating under a pause or outside that window", Anderson told a small group of reporters in Beijing on Thursday.

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