China promises prompt action on US trade pact

Trump at the G20 leaders summit in Buenos Aires Argentina

Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge.

President Donald Trump agreed Saturday to postpone US tariff hikes in a fight over Beijing's technology policy by 90 days while the two sides negotiate.

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

"We are very confident in reaching an agreement (with the United States) within the next 90 days", China's commerce ministry spokesman Gao Feng said in a weekly briefing, adding both sides have been communicating and cooperating "smoothly" since the leaders met in Argentina.

He also said that Xi had promised him that the Chinese government would crack down harder on fentanyl shipments from China to the USA, and tweeted a quote from a Bloomberg story which said that China was ready to restart imports of US products, including soybeans and natural gas. Since then, the two countries have exchanged several rounds of trade duties on hundreds of billions of dollars' worth of goods.

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The two sides also will discuss intellectual property protection, technical cooperation, market access and their trade balance, Gao said.

Gao confirmed for the first time since the high-stakes meeting that China had agreed to implement consensus reached by both sides on agriculture, energy and cars, although he did not give details on any specific measures.

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.

The Trump administration has imposed tariffs on Chinese... China had been the largest purchaser of USA soybeans, buying $12.25 billion worth of that product in 2017.

Asked about Trump's statement that Beijing would cancel tariff hikes on US -made autos, Gao referred reporters to the Cabinet's tax commission.

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