China promises prompt action on US trade pact

Container Ship

U.S. president Donald Trump said: "This was an incredible and productive meeting with unlimited possibilities for both the United States and China".

The clock started ticking on December 1, when Trump met in Buenos Aires with China's leader Xi Jinping and agreed to work towards an agreement to roll back the exchange of tariffs on hundreds of billions of dollars in two-way trade.

China and the USA have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing.

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

"Teams from both sides are in contact and cooperating well, we are fully confident that we can reach an agreement in the coming 90 days", Gao said, without providing more specific details about what actions China will take.

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 is supposed to start buying Agricultural product and more immediately".

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

China has said it will import more USA products to reduce its trade surplus, but no dollar amount has been publicly discussed.

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.

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.

While Trump has long championed the tariffs, even referring to them as "the greatest", they are ultimately a tax on American consumers that raise the cost of goods.

That optimistic tone contrasted with Chinese criticism of Canada's arrest of an executive of technology giant Huawei who a Toronto newspaper said is accused by the United States of trying to violate trade curbs on Iran.

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