May 25, 2019, 0:05

Beijing to ‘Immediately’ Implement US Trade Truce Measures – Commerce Ministry

Beijing to ‘Immediately’ Implement US Trade Truce Measures – Commerce Ministry

BEIJING (Sputnik) – China and the United States aim to cancel all the previously introduced extra tariffs within the next 90 days, Gao Feng, a spokesman from the Chinese Commerce Ministry, has stated.

China will “immediately implement the consensus both sides already reached on agricultural products, energy, autos, and other specific items” agreed upon under a trade war truce with the United States, commerce ministry spokesman Gao Feng told reporters.

Cancel All Extra Tariffs Within 90 Days

“China and the United States set an ultimate goal to cancel all extra tariffs within the next 90 days”, Gao said at a briefing.

Gao added that the sides would hold consultations and try to reach a consensus. The consultations will be underpinned by mutual respect, and issues that cause concern for the parties will be taken into consideration.

“The meeting of the Chinese and US leaders was very successful. The sides have already reached a very important consensus on trade issues. The delegations of the two countries are currently cooperating successfully. We are absolutely sure that an agreement will be reached within the next 90 days”, Gao concluded.

READ MORE: Trump Unlikely to Start Arms Control Negotiations With China, Russia — Scholars

The statement comes after US President Donald Trump and his Chinese counterpart Xi Jinping met in Argentina following the G20 summit on 1 December. Trump agreed to suspend plans to raise tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent in order to pave the way for trade talks with Beijing.

China, in turn, agreed to purchase a “substantial amount” of US agricultural, energy and industrial products, among others, to reduce the trade imbalance between the two countries, according to the White House. On Tuesday, Trump said that the trade negotiations between Washington and Beijing would take 90 days.

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