Tuesday, 18 December, 2018

'China talks are going very well'

Container Ship Simon Dawson Bloomberg News
Rhonda Young | 07 December, 2018, 23:45

US President Donald Trump said in a Twitter statement on 7 December that the trade talks between Washington and Beijing are proceeding well.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", a commerce ministry spokesman, Gao Feng, said at a regular press briefing. He said nothing about purchases.

The president's optimism comes just after a day since he publicly declared himself a "Tariff Man", and stood by his protectionist trade policies even after stocks fell almost 800 points amid confusion over the result of Trump's meeting with Chinese President Xi Jinping.

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Chinese President Xi Jinping and his USA counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.

Traders were initially buoyed by the apparent deal agreed at the G20 meeting in Buenos Aires but questions were quickly raised about the details - and whether the world's top two economies could actually resolve their differences. That caused global stock markets to sink Tuesday after Trump revived threats of tariff hikes, though share prices rebounded following positive Chinese statements on Wednesday.

"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.

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"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina", Trump said, speaking of China's attendance at the G-20 summit last weekend.

China and the USA have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing.

Asked about Trump's statement that Beijing would cancel tariff hikes on USA -made autos, Gao referred reporters to the Cabinet's tax commission. They say that suggests China will need to find issues on which it can show progress to persuade Trump to extend his deadline.

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