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China to 'immediately' apply measures agreed in trade truce with US

06 December 2018, 09:00 | Joann Bryant

Shanghai skyline at night. Source Shutterstock

Shanghai skyline at night. Source Shutterstock

In a series of Tuesday morning tweets, the president showed optimism about reaching a "fair deal", but stressed that he is "a Tariff Man" if talks fail.

China's Commerce Ministry did say on its website that it would begin "implementing specific issues on which consensus has been reached", but the vague statement included no details.

"The economic and trade teams of the two sides will actively promote the consultation work within 90 days in accordance with a clear timetable and road map", the officials said. The ministry didn't respond to questions by phone and fax.

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

Stock markets rose Monday after USA officials touted the agreement as a historic breakthrough.

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

"Free trade has made the success story of BMW in the United States possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg past year were exported to more than 120 countries.

The delay in talking "isn't a sign of rejection, but of cautiousness", said Ma.

"They actually want to see a positive resolution where this problem is solved so they don't have to worry about it", said Randy Watts, chief investment strategist at the brokerage firm William O'Neil & Co.

"This would comprehensively outflank the United States within the Asia Pacific region", Rudd noted.

Chinese leaders have offered to change some details of plans such as "Made in China 2025".

"There are strong views in Japan that if China is honest about rapprochement with Japan, while respecting relevant World Trade Organisation rules based on scientific evidence, China should significantly speed up the process towards lifting the restrictions against Japanese goods and products", the source said.




Trump has exaggerated the effect of the tariffs on USA revenue. They criticize Washington's tactics but share its complaints.

Even on routine matters, with no voters to placate and total control of Chinese media, they can frustrate other governments by leaving them waiting weeks or months for a response.

After going into previous talks with Chinese negotiators "rather optimistic", Kudlow said he became "somewhat cynical" when those talks didn't produce results. He noted all the major American players attended the Argentina meeting, giving a sign of "buy in" on a US position.

The White House statement listed what it claimed China had promised to do.

"The negotiations with China have already started".

But the verbal detente was broken Wednesday as China's foreign ministry lashed out at criticism from US Secretary of State Mike Pompeo.

John Williams, president of the Federal Reserve Bank of NY, also unnerved investors by telling reporters Tuesday that he supports further Fed rate hikes.

But trade was not the only issue on Tuesday. Almost all the cars they sell in China are made there.

The president's optimism comes just after a day since he publicly declared himself a "Tariff Man", and stood by his protectionist trade policies even after stocks fell almost 800 points amid confusion over the result of Trump's meeting with Chinese President Xi Jinping.

Meanwhile, Rabobank suggested a simpler explanation Wednesday for China's silence: Xi has yet to return to Beijing to approve official statements.

Mr 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. Rabobank researchers said in a report.



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