China promises prompt action on USA trade pact

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Asked to confirm US President Donald Trump's statement that Beijing promised to immediately buy American goods, Gao said China would "immediately implement the consensus reached by the two sides on farm products, cars and energy" but said nothing about purchases. Failure would raise the spectre of fresh U.S. tariff action and potential Chinese retaliation as early as March. If the two had failed to reach an agreement, the USA would've seen $200 billion worth of Chinese goods have their tariffs increase from 10% to 25% at the beginning of 2019.

In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products.

Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.

Trump has agreed to delay a rise in tariffs on China while talks continue.

The China Daily also published a commentary on Tuesday noting the 90-day period, explaining it was a truce and saying the US would likely escalate the trade war if no permanent deal was achieved.

"If it is, we will get it done", Mr Trump said in a Twitter post.

Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".

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A vow by China to reach a trade settlement with the United States has helped settle financial markets after steep falls in U.S. stocks.

Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

The commerce ministry said China-US trade and economic discussions were "very successful". The downside for China is that it also needs US sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.

He also signaled optimism that President Xi Jinping would deliver on his promise, after their meeting in Argentina.

America has probably already missed its best chance to sell soybeans to China, according to Cargill, one of the world's biggest agriculture commodity traders.

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.

Mr Xi and his most senior officials, including the Commerce Minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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