China to 'immediately' implement U.S. trade truce measures

Trump at the G20 leaders summit in Buenos Aires Argentina

Trump at the G20 leaders summit in Buenos Aires Argentina

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and US leaders over their ongoing trade dispute.

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

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

China and the US will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

The two countries have hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.

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

According to Xinhua news agency, experts said "the important meeting sends a positive signal in the development of China-US relations, one of the most important bilateral ties in the world". China has responded with its own tariffs.

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

China has indicated that it is confident it can strike a lasting trade deal with the United States.

The Washington Post reported, though, that tariffs on USA cars had only been raised earlier this year in response to Trump's trade war escalation.

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