Published: Fri, December 07, 2018
Business | By Tara Barton

Thiessen: China goes toe-to-toe with Trump on trade - and trips

Thiessen: China goes toe-to-toe with Trump on trade - and trips

Trump on Sunday, December 2, said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

Wang said there was a 90-day deadline for China and the USA to negotiate structural reforms to China's economy, and that 10% tariffs will be raised to 25% if they don't achieve that agreement.

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

China has promised to act quickly but failed to release details.

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That was compounded by news that a top executive at Chinese telecoms giant Huawei had been arrested in Canada and faces extradition to the United States over allegations the firm had broken sanctions linked to Iran. That caused global stock markets to sink Tuesday after Trump revived threats of tariff hikes, though share prices rebounded following positive Chinese statements on Wednesday.

The two sides will also discuss intellectual property protection, technology cooperation, market access and balanced trade, and "work hard to reach a consensus", Gao said. He said they have a "clear timetable and roadmap".

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

Asked about Trump's statement that Beijing would cancel tariff hikes on USA -made autos, Gao referred reporters to the Cabinet's tax commission.

China and the USA have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing. They say that suggests China will need to find issues on which it can show progress to persuade Trump to extend his deadline.

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