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China 'confident' of United States trade deal in 90 days as questions mount

China 'confident' of United States trade deal in 90 days as questions mount

China's government said Thursday it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive.

While Trump hailed the agreement with Xi "an incredible deal", a lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted.

In a brief statement on its website, the ministry said China would try to work quickly to implement specific issues already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map".

A statement from an unnamed Chinese official said only that the negotiations with the USA had a "clear timeline and road map" that China aimed to implement.

In return, China agreed to buy more US goods in an effort to reduce the trade deficit, which Trump often fixates on.

Kudlow and Trump also disagreed on when this 90-day trade war truce will begin.

But the verbal detente was broken Wednesday as China's foreign ministry lashed out at criticism from US Secretary of State Mike Pompeo. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.

Mr Wang said the facts will prove that the common interests between China and the U.S. are greater than our differences, and cooperation needs to be greater than friction. The deal is, at best, really just an agreement to keep talking-a significant enough achievement after months of icy relations between the two major trading partners, but hardly an indication that the trade war is winding down.

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China has swung into action to start delivering on the trade commitments that led to its weekend truce with the U.S., even as uncertainty over what was agreed lingers.

"I am a Tariff Man", the president said Tuesday in one of a series of tweets about a new round of trade talks with China after the world's two largest economies imposed tit-for-tat tariffs on hundreds of billions of dollars of each other's goods after Trump struck first.

China has promised to act quickly but failed to release details.

While he said he would "happily sign" a fair deal that addresses USA concerns, he warned: "remember, I am a Tariff Man".

Last month, the Organisation for Economic Cooperation and Development, which advises numerous world's richest economies, warned that the global economy had passed its peak and faced a slowdown driven partly by trade disputes.

As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate. -China relationship now as both view each other more as a competitor than a strategic partner in trade and economics. In fact, the only definite thing to seemingly come out of the summit is the USA vowing to hold off on raising threatened tariffs for 90 days. But U.S. exports of the product have drastically decreased after China slapped retaliatory duties of 25 percent on the product this spring.

"China will for sure cancel the 25 percent tariffs on USA agriculture products".


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