Sunday, 16 December, 2018

U.S. trade deficit with China expands

US trade deficit with China expands China Implementing Agreed-Upon Trade Deals With US, Official Says
Orlando Vargas | 07 December, 2018, 23:52

China and the USA have reached agreement in the sectors of agriculture, autos, and energy, and China will immediately start implementing that consensus, a government spokesman said.

USA president Donald Trump said: "This was an wonderful and productive meeting with unlimited possibilities for both the United States and China".

The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. "In the next 90 days we will work in accordance with the clear timetable and road map to negotiate in areas where both sides have an interest and there are mutual benefits, such as intellectual property rights protection, technology cooperation, market access, and the trade balance".

"Teams from both sides are in contact and cooperating well, we are fully confident that we can reach an agreement in the coming 90 days", Gao said, without providing more specific details about what actions China will take.

He also said that Xi had promised him that the Chinese government would crack down harder on fentanyl shipments from China to the USA, and tweeted a quote from a Bloomberg story which said that China was ready to restart imports of US products, including soybeans and natural gas.

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The commerce ministry, in a brief statement on its website, also said China would work to implement specific issues already agreed upon as quickly as possible.


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USA imports from China rose 4.4 percent while exports fell 6.7 percent as China's retaliatory tariffs have led to reduced exports of United States soy beans.

"We will start with agricultural products, energy, automobiles to immediately implement the issues that the two sides have reached consensus", Gao said, when asked about what is on the negotiation agenda.

The two sides will negotiate structural changes to forced technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

While Trump has long championed the tariffs, even referring to them as "the greatest", they are ultimately a tax on American consumers that raise the cost of goods.

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