China says it will carry out tariff cease-fire with US

Trump at the G20 leaders summit in Buenos Aires Argentina

Trump at the G20 leaders summit in Buenos Aires Argentina

US President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing November 9, 2017.

China's ultimate goal during the 90-day trade talks is to remove all USA tariffs imposed on Chinese goods, Gao said.

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".

Trump on Sunday, December 2, said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", commerce ministry spokesman Gao Feng said at a regular press briefing.

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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.

China yesterday appeared to try to ease concerns by saying it would "immediately" implement measures agreed under the truce. "In the next 90 days we will work in accordance with the clear timetable and road map to negotiate in areas where both sides have an interest and there are mutual benefits, such as intellectual property rights protection, technology cooperation, market access, and the trade balance". It would also begin buying products from United States farmers "immediately", the United States said.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices.

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.

Trump also warned this week of more tariffs if the two sides could not resolve their differences.

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