China confident of agreeing United States trade deal despite Trump's combative stance

Galtero Lara
Diciembre 7, 2018

Chinese officials have begun preparing to restart imports of U.S. soybeans and liquefied natural gas, the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some U.S. products "immediately".

White House economic adviser Larry Kudlow said earlier this week the US won Chinese commitments to buy more than $1 trillion in American products. "China does not want Tariffs!"

The commerce ministry of China assure the agreement signed between Chinese President Xi Jinping and US President Donald Trump at G20 summit had been "successful" and thus China was "confident" about the new implementation on their agreements.

On Monday, Kudlow said there was an "assumption" that China would eliminate auto tariffs, not a specific agreement.

Such a move would have led to further tariffs on imports from the U.S.to China and vice-versa.

China has promised to act quickly on the agreement but failed to release details, rattling financial markets.

More news: Global Markets Surge on Trade Truce Hopes

Washington and Beijing agreed to a 90 day cease fire in their meeting in Argentina, as the two sides try to work out an escalating trade war.

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.

President Donald Trump on Wednesday scrambled to reverse a stock market plunge over fears his China trade deal won't happen, arguing Beijing was sending "very strong signals" and that he believed President Xi Jingping's promises. 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.

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. "China is willing to increase imports in accordance with the needs of its domestic markets and the people's needs, Wang said, "including marketable products from the United States, to gradually ease the imbalance in two-way trade".

China's Ministry of Commerce did not respond to phone calls and a faxed request to comment.

President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina.

Otros informes por

Discuta este artículo

SIGUE NUESTRO PERIÓDICO