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

07 December, 2018, 16:05 | Author: Regina Silva
  • Chinese currency

Asked to confirm US President Donald Trump's statement that Beijing promised to immediately buy American goods, Gao said China would "immediately implement the consensus reached by the two sides on farm products, cars and energy" but said nothing about purchases. But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'. If the two had failed to reach an agreement, the US would've seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019. China has placed a 10 percent tariff on U.S. -LNG imports with the threat of increasing that figure in the future, resulting in China having to find alternate sources of the super-cooled fuel on the spot market.

News broke on Saturday that the USA and China had reached a ceasefire in its ongoing trade war after President Trump met with Chinese President Xi Jinping at the G20 summit in Argentina. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

"We are right now taking in $billions in Tariffs".

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the US and China failed to reach an agreement to at least postpone that move.

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

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"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the meeting, and USA and Chinese accounts of what the deal entails have sometimes differed.

America has probably already missed its best chance to sell soybeans to China, according to Cargill, one of the world's biggest agriculture commodity traders. 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.

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

It was announced on Saturday after President Trump and Chinese leader Xi Jinping met over dinner that the two countries agreed upon the 90-day truce in order to work out trade differences.

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