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

China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017.

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 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.

While at the conclusion of Saturday's working dinner, both the USA and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters.

The two sides will also discuss intellectual property protection, technology cooperation, market access and balanced trade, and "work hard to reach a consensus", Gao said.

But the spokesman did not provide more specific details about what actions China would take.

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As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25% beginning 1 January, leaving them at the current 10% rate.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

China has said it will import more United States products to reduce its trade surplus, but no dollar amount has been publicly discussed.

"We will start with agricultural products, energy, automobiles to immediately implement the issues that the two sides have reached consensus", Gao said, when asked about what is on the negotiation agenda.

The two countries, and companies from both sides, share common interests on intellectual property rights protection, fair competition and broadening market access, which are all highly compatible with China's reform and opening-up drive.

That was compounded by news that a top executive at Chinese telecoms giant Huawei had been arrested in Canada and faces extradition to the USA over allegations the firm had broken sanctions linked to Iran.

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