Publicado: Sáb, Diciembre 08, 2018
Financiera | Por Marilu Caballero

China promises prompt action on United States trade pact

China promises prompt action on United States trade pact

"China has agreed to start purchasing agricultural product from our farmers immediately", the White House said after Trump and Xi's meeting.

That's more detail than was in a Wednesday statement from China's commerce ministry that said the trade meeting with the US was "very successful" and expressed confidence in implementing the agreement - but didn't provide any further details on the outcome.

Washington and Beijing agreed to a 90 day cease fire in their meeting in Argentina, as the two sides try to work out an escalating trade war.

"The Chinese side will start with implementing specifics on which there is already consensus, the faster the better".

Trump, fresh from agreeing a 90-day cease-fire in his trade war with China at the meeting of the G20, said on Twitter that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40 percent".

Wednesday's commerce ministry statement was the Chinese government's first public acknowledgement of the 90-day timeline.

According to the White House, there will be a substantial increase in American exports to China of agricultural, energy, industrial and other products which will reduce the trade deficit in favor of China.

Trump on Tuesday opened the door to lengthier talks, indicating they could extend beyond the March 1 deadline.

He said a pause in additional US tariffs and an additional round of negotiations between the USA and China is exactly what he was hoping for from the G20 meeting.

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Trump and White House aides have promoted the apparent U.S.

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the U.S. that it will happen "immediately", he said.

Treasury Secretary Steven Mnuchin said on CNBC the United States and China had held "very specific discussions" in Buenos Aires on Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

While Beijing retaliated for USA tariff hikes by imposing penalty charges on American soybeans, autos and other goods, it cut duties on factory machinery and other imports from other countries. "We don't have a specific agreement on that", he said.

The United States and China have been engaged in a long trade war. The statement did not say whether Trump raised tariffs with executives from BMW, Daimler and Volkswagen. Vice-Minister of Commerce Wang Shouwen told reporters that China and the United States would step up talks to remove the existing 25 per cent tariffs (on some other products), but gave no timeframe. The statement did not mention whether Trump discussed tariffs with the automakers.

Former U.S. State Department official Mintaro Oba said the fact that Trump's statements about the meeting don't match the official White House version of what happened at the G20 means Trump's claims should be taken with a grain of salt.

But that premium has been significantly eroded in recent weeks after China built up large soybean stocks, and demand for soymeal declined in the wake of an African swine fever epidemic ravaging the country's huge hog herd.

The Motor & Equipment Manufacturers Association, which opposed the tariffs, said the truce would reduce the risk of an ongoing trade dispute with China.

Analysts also note that the two countries remain far apart on the sharpest areas of disagreement, which include Beijing's subsidies for strategic Chinese industries, in addition to forced technology transfers and intellectual property theft.

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