China promises action on U.S. trade deal but gives no details

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White House economic advisor Larry Kudlow said he expected the 25 per cent punitive tariffs on USA farm goods to be rolled back and urged China to take immediate steps to implement some of its commitments in order to give them "more credibility".

US President Donald Trump has threatened to impose stiff tariffs on cars assembled in the European Union as part of his "America First" trade policy.

The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble.

Trump dubbed himself a "Tariff Man" if Xi's government can not strike a deal with his administration.

After Trump and Xi dined together Saturday night in Argentina, the White House announced a 90-day cease-fire in the ongoing trade war. In subsequent remarks, President Trump stated that China "will be getting rid of tariffs", possibly referencing removal of some of China's retaliatory tariffs to enable increased purchases of US products.

The Chinese government's top diplomat, State Councillor Wang Yi, was less specific, telling reporters China will import more products, based on market demand, from the United States in efforts to gradually ease imbalances in two-way trade.

China agreed to purchase a "very substantial" amount of USA products across the agricultural, energy, and industrial sectors, with the agricultural purchases commencing "immediately".

The executives will underline the EC's plea to cut tariffs on cars and explain the importance that German industry plays as a net exporter of vehicles from the United States, a person familiar with the discussions told Reuters.

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Gen. Keane: U.S.-China Trade Truce Is 'A Step in the Right Direction' for Trump

Rosenblatt Securities analyst Jun Zhang said the easing of trade war tensions between the US and China could be good news for USA internet and software giants such as Facebook, Inc. "And it'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers - every type of product".

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on US companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added. And China has not confirmed that it made most of the concessions that the Trump administration has claimed.

U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.

After the leaders of the world's two biggest economies agreed to a temporary pause in their trade war, .

Kudlow said the meeting was not meant to focus on potential tariffs, though Trump still had that option in his "quiver", and the automakers would be encouraged to build engines in the United States.

"If it is, we will get it done".

The truce between the US and China emerged after a highly anticipated dinner December 1 involving Trump and Xi on the sidelines of the Group of 20 summit in Argentina.

"Three months is not a very long time to achieve this so there are naturally plenty of sceptics out there but this is a rare piece of good news in a conflict that has yet to produce any", said Craig Erlam, senior market analyst at OANDA.

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