Economy

If No China Trade Deal Possible, ‘I Am a Tariff Man’

If No China Trade Deal Possible, ‘I Am a Tariff Man’

Beijing will start to quickly implement specific items where there's consensus with the US and will push forward on trade negotiations within the 90-day "timetable and road map", the Ministry of Commerce said in a statement on Wednesday morning in China.

The Ministry of Commerce of China announced that the ultimate goal of the Chinese-American trade negotiations is the abolition of all fees.

In a statement, ministry said, "The economics and trade teams of both sides will actively push forward negotiations within 90 days in accordance with a clear timetable and roadmap".

"The Chinese side will start with implementing specifics on which there is already consensus, the faster the better".

The world's two largest economies reached a 90-day trade truce Saturday after Trump and Chinese President Xi Jinping met at the G-20 summit in Argentina.

It was the first official confirmation from China that there's a 90-day window for the talks.

China's official statement on weekend trade talks with the USA was very light on details, but in the ensuing days, some of the country's state-run media outlets have reported details from the summit and referred to information the government has tried to censor.

While Washington touted the immediate increase in Chinese purchases of U.S. farm goods, Beijing's statement was much more open, with no reference to immediate action or to agricultural products. Trump indicated that China was willing to cut tariffs on cars coming from the USA, but China did not respond to the claim and Trump's top economic adviser, Larry Kudlow, said Monday that these were not deals set in stone.

Trump on Tuesday opened the door to lengthier talks, indicating they could extend beyond the March 1 deadline.

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

Kudlow told reporters that while there was no agreement on the final level for tariffs on United States autos "I expect those tariffs to go to zero".

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

Peter Navarro, the president's top trade adviser, expressed confidence in the president's trade strategy.

White House economic adviser Larry Kudlow, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer are among those preparing to attend the White House meeting.

German automakers said after the meeting they told Trump they planned to boost US investments, but warned they would be unable to do so if the administration imposed new tariffs. "China does not want Tariffs!"

Former U.S. State Department official Mintaro Oba said the fact that Trump's statements about the meeting don't match the official White House version of what happened at the G20 means Trump's claims should be taken with a grain of salt. -China trade cease-fire, contributing to a broad stock market plunge and intensifying fears of a global economic slowdown. The slew of Trump tweets prompted markets to fall as investors lost faith in a detente between the two nations. "But if not remember, I am a Tariff Man".

They agreed to enhance "structural changes" over technology transfer, cyber intrusions and crime, agriculture, service and intellectual property protection, the White House said.

In a surprise announcement tweeted Sunday night, Trump also said China would "reduce and remove" tariffs of 40 per cent on cars, though Beijing has yet to confirm the move.

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