China hails Trump-Xi summit, says 'very confident' in trade deal

US trade deficit with China expands

US trade deficit with China expands

China and the US have reached agreement in the sectors of agriculture, autos, and energy, and China will immediately start implementing that consensus, a government spokesman said.

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.

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.

Wang said there was a 90-day deadline for China and the United States to negotiate structural reforms to China's economy, and that 10% tariffs will be raised to 25% if they don't achieve that agreement. Since then, the two countries have exchanged several rounds of trade duties on hundreds of billions of dollars' worth of goods. He added that the talks will also address areas such as intellectual property rights, technology cooperation, market access, and the trade imbalance.

"China will start from agricultural products, autos and energy to immediately implement specific items that China and the US have agreed upon", Ministry of Commerce Spokesman Gao Feng told reporters in Beijing.

Mr Trump heightened nervousness by tweeting that there would be "a REAL DEAL with China, or no deal at all" at the end of their three-month peace window, "at which point we will be charging major tariffs against Chinese product".

The White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

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

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

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