China to 'immediately' implement U.S. trade truce measures

China to 'immediately' implement U.S. trade truce measures

President Donald Trump and executives from Germany's biggest automakers discussed the companies' investments in the USA on Tuesday as trade tensions with the Europeans and Trump's threat to impose tariffs on foreign cars sold here loomed overhead. "There was a rally in the expectation that something had happened". "I am a Tariff Man", the President wrote.

"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and US leaders over their ongoing trade dispute.

Questions began to swirl after China's foreign minister read a statement Saturday in Buenos Aires that said Washington agreed to halt tariff hikes.

"We expect the relationship between the world's two largest economies to remain contentious", Moody's Investors Service said in a report. The statement did not say whether Trump raised tariffs with executives from BMW, Daimler and Volkswagen.

Treasury Secretary Steven Mnuchin also tried to sell the deal as big win for the United States, if reached, reassuring investors at the same Wall Street Journal event that Trump and Xi had agreed on "very, very specific issues" that touched on top American concerns related to intellectual property, forced technology, joint ventures and cyberissues.

Although the European Commission handles trade negotiations on behalf of the common trading bloc, the Trump administration has summoned the auto bosses as part of a campaign to "rebalance" global trade flows.

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On Tuesday night, the president threatened "major Tariffs" on Chinese products shipped to the United States if his administration fails to strike a final trade pact with Beijing. Shares were moderately lower in Asia on Wednesday following a bloodletting on Wall Street as goodwill generated by a truce between the US and China over trade evaporated in confusion over exactly what the two sides had agreed upon.

Senior US and EU officials blamed each other on Wednesday (17 October) for a lack of progress in ongoing trade talks, reviving the possibility of fresh tariffs on European cars, said the American representatives.

The two sides also will discuss intellectual property protection, technical co-operation, market access and their trade balance, Gao said.

"It is very natural for China and have disputes in fields of economy and trade", Su said, adding "resolving all issues at one meeting may not be possible, it requires mutual efforts from both parties in the long run".

"I think there is a higher likelihood that we get meaningful discussions now than in much of the last six months", Kuijs said.

"It's impossible for China to cancel its industry policies or major industry and technology development plans", said economist Cui Fan of the University of International Business and Economics in Beijing.

The Chinese silence prompted questions about what Trump said was a promise by Beijing to buy more American exports and negotiate over US complaints that it steals American technology. He added that the German automakers "wouldn't be coming to the table here to talk to us unless the president had auto tariffs on the table".

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