Economy

China promises prompt action on U.S. trade pact

China promises prompt action on U.S. trade pact”

China and the US have reached agreement in the sectors of agriculture, autos, and energy, and China will immediately start implementing that consensus, a government spokesman said.

President Donald Trump agreed Saturday to postpone US tariff hikes in a fight over Beijing's technology policy by 90 days while the two sides negotiate.

"The ultimate goal for the 90 days of talks is to remove all the increased tariffs", Gao said.

China has said it will immediately implement measures agreed under a trade war "truce" with the US. It would also begin buying products from USA farmers "immediately", the U.S. said.

"In the next 90 days, we will follow a clear timetable and roadmap to hold consultation on issues of intellectual property rights protection, technological cooperation, market access and trade balance that conform to the interests and demands of both sides, and the two sides should strive to reach consensus", 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. China has responded with its own tariffs.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

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.

Trump warned that although he and Xi want to get to an agreement "remember, I am a Tariff Man".

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

"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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