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China and the USA agree not to impose new additional tariffs

07 December 2018

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.

The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat.

The White House said that the USA has agreed that the tariffs on $200 billion worth of product will remain at 10% until January 1st 2019 and that China "will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries".

While at the conclusion of Saturday's working dinner, both the US and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters. 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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China and the US have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing.

Trump is expected to urge Japan to open its automobile and agricultural product markets in talks that are expected to begin in January.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the trade gap.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices.

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

President Trump is expected to put more pressure on China to correct the trade imbalance and deal with the issue of violation of intellectual property rights.

The Trump administration has imposed tariffs on Chinese...

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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China and the USA agree not to impose new additional tariffs