China promises prompt action on US trade pact

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

In a series of tweets on Wednesday, President Donald Trump said that there were "very strong signals" that China was ready to reach a trade deal with the United States.

US President Donald Trump and Chinese President Xi Jinping agreed on 1 December on a truce in their escalating trade war during their meeting on the sidelines of the G20 summit in Buenos Aires, Argentina.

China's Ministry of Commerce (MOC) said on Thursday that the ultimate goal of Sino-U.S. trade talks was to remove all additional tariffs, adding that China will hold consultation with the U.S. on issues of common concern and strive to reach consensus.

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The White House said that the U.S. 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". "China is supposed to start buying Agricultural product and more immediately".

China will immediately implement the consensus that the two sides have already reached, starting with agricultural products, energy and automobiles, Gao said.

"Then, in the next 90 days, we will follow a clear timetable and roadmap to negotiate on issues such as intellectual property right protection, tech cooperation, market access and trade balance", he said, stressing the consultations should be based on meeting the interests of both parties.

The two sides will negotiate structural changes to forced technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

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

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.

Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.

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