China promises prompt action on US trade pact

Container Ship

US President Donald Trump said in a Twitter statement on 7 December that the trade talks between Washington and Beijing are proceeding well.

Chinese President Xi Jinping and his US counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.

Asked to confirm whether Beijing promised to buy American goods immediately, Gao said China will "immediately implement the consensus reached by the two sides on farm products, cars and energy".

The two sides will also discuss intellectual property protection, technology cooperation, market access and balanced trade, and "work hard to reach a consensus", Gao said.

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In return, Washington said China would purchase "very substantial" amounts of U.S. agricultural, energy, industrial and other products.

But the spokesman did not provide more specific details about what actions China would take.

Wang said there was a 90-day deadline for China and the United States to negotiate structural reforms to China's economy, and that 10% tariffs will be raised to 25% if they don't achieve that agreement.

The two sides have been communicating and cooperating smoothly, and China was confident in striking a deal with the USA within the next 90 days, Gao said.

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The two countries, and companies from both sides, share common interests on intellectual property rights protection, fair competition and broadening market access, which are all highly compatible with China's reform and opening-up drive.

U.S. imports from China rose 4.4 percent while exports fell 6.7 percent as China's retaliatory tariffs have led to reduced exports of USA soy beans.

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.

On Tuesday, Trump tweeted about the potential for a deal with China, before warning that if a deal wasn't reached in 90 days he would slap more tariffs on China because he was "a Tariff Man".

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