China vows quick action on U.S. trade promises: 'The sooner the better'

Shanghai skyline at night. Source Shutterstock

Shanghai skyline at night. Source Shutterstock

The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details.

China and the U.S. would push ahead with negotiations over 90 days and China would implement the specific issues it agreed with the USA "as soon as possible", the statement said.

In return, China agreed to buy more USA goods in an effort to reduce the trade deficit, which Trump often fixates on.

Asked about Trump's statement that Beijing would cancel tariff hikes on USA -made autos, Gao referred reporters to the Cabinet's tax commission.

During the 2018 G20 Buenos Aires summit, that took place on 30 November - 1 December in Argentina, the United States and China chose to continue their trade negotiations in the next 90 days.

Last month, the Organisation for Economic Cooperation and Development, which advises numerous world's richest economies, warned that the global economy had passed its peak and faced a slowdown driven partly by trade disputes.

The two leaders on Saturday agreed to the ceasefire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs.

Willie Delwiche, an investment strategist at Baird, said: "The sense is that there's less and less agreement between the two sides about what actually took place". We are right now taking in $billions in Tariffs.

German automakers said after the meeting they told Trump they planned to boost USA investments, but warned they would be unable to do so if the administration imposed new tariffs.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. The changes U.S. officials have sought include forcing Beijing to lower tariffs on USA goods, stop dumping cheap steel and aluminium into foreign markets, and halting the theft of intellectual property, among other things. Chinese officials, meanwhile, did not confirm any of these details. Xi and his most senior officials, including the commerce minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the U.S. midterm elections.

White House economic adviser Larry Kudlow said earlier this week the USA won Chinese commitments to buy more than $1 trillion in American products.

Starting during the campaign, Trump has repeatedly said he wants to level out the $375.6 billion trade imbalance with China, and has called for the country to remove barriers like tariffs and protectionist measures like subsidies.

Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge.

China and the USA announced a truce in their trade war after the meeting between Trump and Xi Jinping on Saturday, but that quickly descended into confusion, with both sides announcing different statements on what was agreed.

"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he said. And it has said nothing about a 90-day deadline for the talks.

If not, he said the United States is prepared to increase tariffs, "without reciprocal tariffs attacking us". Ultimately, I believe, we will be making a deal - either now or into the future. China now has until April to make a deal or suffer the higher tariff.

Hannah Anderson, Global Market Strategist at JPMorgan Asset Management, said there was a lot of uncertainty over the U.S.

Investors are now grappling with the potential for a protracted conflict, as the president signaled the negotiations could be more contentious than expected. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

Declaring himself "Tariff Man", Mr. Trump warned China to make a trade deal - or else.

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