Wednesday, 12 December, 2018

China hails Trump-Xi summit, but offers no new details

Dow dives as enthusiasm for Trump's trade truce fades Trump: 'very strong signals' that China is ready for a trade deal
Ginger Lawrence | 07 December, 2018, 18:39

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

"I think what we're going to do, beginning in the next 90 days, as President Trump and President Xi agreed, is see if we can address some of these structural issues in China's economy".

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.

"China will start from agricultural products, autos and energy to immediately implement specific items that China and the USA have agreed upon", Ministry of Commerce Spokesman Gao Feng told reporters in Beijing.

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

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.

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Just two months ago, bombs were sent to the CNN, as well as top Democrats like Barack Obama and the Clintons. Don Lemon , who was on the air when the threat forced the abrupt end of his show, also tweeted out the news.

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

US National Security Adviser John Bolton said in an interview changes in China's economic behavior that Washington strives to achieve could simultaneously have a significant effect on the country's political system. "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".

For its part, China has said it will import more United States products to reduce its trade surplus, but no dollar amount has been publicly discussed.

Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.