China vows quick action on United States trade promises: 'The sooner the better'

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"China will begin implementing specific issues that have reached consensus immediately, the sooner the better", a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.

Stocks on Wall Street fell sharply on Tuesday after President Trump threatened more duties on China if trade talks fall through.

After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods.

After the meeting, Washington agreed to hold off on Trump's threat to raise tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.

Trump also warned this week of more tariffs if the two sides could not resolve their differences.

However, the Dow Jones industrial average plunged 800 points Tuesday over confusion about what the U.S and China will do going forward, and investors are looking for hints as what to expect Thursday when markets open again.

"President Xi and I want this deal to happen, and it probably will".

The president added: "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".

A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. The European Union warned that it would retaliate with tariffs on USA products.

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'When it comes to the trade policies that have been proposed so far specifically, I think we can all expect that there will be further tariff increases on USA imports of Chinese goods, whether that's within the 90-day window that we are now operating under a pause or outside that window, ' Anderson told a small group of reporters in Beijing on Thursday.

"What Presidents Trump and Xi Jinping did in Buenos Aires was buy time".

White House economic adviser Larry Kudlow said on Tuesday that a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track.

But Mnuchin added, "if that's real" - thereby raising some doubt - it would close the USA trade deficit with China, and "we have to have a negotiated agreement and have this on paper".

At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the United States midterm elections.

"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

The two sides will also negotiate "structural changes" to forced technology transfer, intellectual property protection, cyber intrusions and cyber theft, services and agriculture, according to the White House. It also would begin buying products from United States farmers "immediately".

Trump added China would roll back tariffs of 40% on cars.

And Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products, but added, "if that's real" it would close the trade deficit with China and said "we have to have a negotiated agreement and have this on paper".

U.S. Trade Representative Robert Lighthizer is taking over as lead negotiator from Mnuchin, who will continue to be involved in deals.