China says it will carry out tariff cease-fire with US

Gladys Abbott
December 7, 2018

Trump on Sunday, December 2, said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

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

China has said it will immediately implement measures agreed under a trade war "truce" with the US.

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.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

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In Argentina last weekend, Trump and Xi agreed to a truce that delayed the planned January 1 US hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal. China had been the largest purchaser of US soybeans, buying $12.25 billion worth of that product in 2017.

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.

"China has been expanding imports over the years in order to meet the Chinese people's demand for better lives and high-quality development", he said, adding that after reaching preliminary consensus on trade issues of farm produce and energy during the previous consultations, the two sides will continue to hold consultation on these issues plus manufactured goods and service trade.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

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