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techkenyot.com May 25, 2019


USA trade deficit with China expands

07 December 2018, 11:43 | Hattie Nash

Simon Dawson Bloomberg News

Container Ship

"We are very confident in reaching an agreement (with the United States) within the next 90 days", China's commerce ministry spokesman Gao Feng said in a weekly briefing, adding both sides have been communicating and cooperating "smoothly" since the leaders met in Argentina.

China has said it will immediately implement measures agreed under a trade war "truce" with the US.

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

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When asked for details on auto tariffs, Gao repeated the above statement and suggested watching for an announcement from the State Council's tariff committee.

China and the US will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

Trump is expected to urge Japan to open its automobile and agricultural product markets in talks that are expected to begin in January.

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The White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

For its part, China has said it will import more U.S. products to reduce its trade surplus, but no dollar amount has been publicly discussed.

The two countries, and companies from both sides, share common interests on intellectual property rights protection, fair competition and broadening market access, which are all highly compatible with China's reform and opening-up drive. It was unclear if Gao was referring to the tariffs in his remarks to reporters.

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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.



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