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China Hails Trump-Xi Summit, Says "Very Confident" in Trade Deal

07 December 2018

China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States - and was confident it could reach a deal within 90 days.

There's no official, confirmed statement of what China agreed as part of the deal, although U.S. President Donald Trump tweeted that China had already agreed to lower tariffs on American cars, and Bloomberg reported on Wednesday that China was preparing to restart imports of U.S. soybeans and LNG.

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and USA leaders over their ongoing trade dispute.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

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.

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

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China's ultimate goal during the 90-day trade talks is to remove all USA tariffs imposed on Chinese goods, Gao said. "China is supposed to start buying Agricultural product and more immediately".

"China is full of confidence in reaching an agreement within the next 90 days", the spokesman said.

Washington and Beijing have exchanged steep tariffs on more than US$300 billion (RM1.2 trillion) in total two-way trade, locking them in a conflict that has begun to eat into profits.

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.

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

China Hails Trump-Xi Summit, Says