China-US Ceasefire Paves Way For New LNG Projects

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Chinese purchases for the aforementioned products have almost completely halted after Beijing imposed tariffs on them in response to the USA tariffs on Chinese goods.

China has said that Beijing and Washington will push forward with trade negotiations in the next 90 days and it is confident that an agreement can be reached but doubts remain over whether the two sides can resolve their deep differences.

In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of US products.

"China will begin implementing specific issues that have reached consensus immediately, the sooner the better", a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.

He had earlier also indicated that the deadline for an agreement could be extended.

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Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.

A vow by China to reach a trade settlement with the United States has helped settle financial markets after steep falls in USA stocks.

White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed. The downside for China is that it also needs USA sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.

In a Sunday editorial in Chinese, the Global Times noted that the agreement struck between Presidents Xi Jinping and Donald Trump in Argentina on Saturday was temporary.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.

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Keane also said that the Chinese leader intends to overtake the United States as a global leader in the world.

The move is an extension of a dinner the two had at the G20 summit, where they agreed to not increase tariffs for 90 days in order to pave the way for discussions.

As the U.S. and China carry out negotiations to finalise a deal over their economic dispute, Mr Trump has warned China to negotiate a fair deal or else continue to face imposed tariffs.

Mr Xi and his most senior officials, including the Commerce Minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

One Chinese official said officials were "waiting for the leaders to return" before publicising details.

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