Friday, 14 December, 2018

China vows quick action on United States trade promises: 'The sooner the better'

Trump claims 'BIG leap forward' in China trade talks, but details unclear Gen. Keane: U.S.-China Trade Truce Is 'A Step in the Right Direction' for Trump
Ginger Lawrence | 07 December, 2018, 16:04

While neither of these two energy products were mentioned by name, it's likely that China would not only appease the U.S.by removing tariffs on U.S. LNG imports but would also help itself since Beijing needs the diversity of supply that growing U.S. shale oil and gas exports offer.

White House economic adviser Larry Kudlow said earlier this week the US won Chinese commitments to buy more than $1 trillion in American products. In particular, China is firmly convinced in reaching a trade agreement with the United States within 90 days.

In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products.

The Ministry of Commerce of China announced that the ultimate goal of the Chinese-American trade negotiations is the abolition of all fees.

Trump and President Xi, leaders of the world's two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement.

For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of USA products to help narrow America's gaping trade deficit with China.

Ukraine: Shipping traffic resumes following Russian Federation standoff
The officials CNN spoke to said the plans to possibly sail a warship into the Black Sea are in response to Russia's actions. According to CNN, the last USA ship to enter the Black Sea was the fast transport ship USNS Carson City in October.

The Global Times is affiliated with the state-run People's Daily, and published a separate Chinese-language editorial on Tuesday noting that the USA had made no mention of Beijing's "Made in China 2025" plan in any statements after the Xi-Trump meeting, nor criticized China's industrial policy.

"If it is, we will get it done", Mr Trump said in a Twitter post.

The mood has quickly soured, however, on scepticism that the two sides can reach a substantive deal on a host of highly divisive issues within the 90-day negotiating period, and markets continued to slide on Wednesday in part from confusion over the ceasefire's lack of detail.

The U.S. had a $335.4 billion trade deficit with China in 2017.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between U.S. and Chinese accounts of what the deal entails.

Trump, via Twitter, threatened to place "major tariffs" on Chinese goods imported into the United States if his administration is unable to reach an effective trade deal with Beijing.

President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina. China's government has yet to issue official comment on those details.