China's government said Thursday it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive.
Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets.
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. "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".More news: Diogo Dalot: Manchester United hosting Fulham a 'big game' after winless run
China and the USA 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. "China is supposed to start buying Agricultural product and more immediately".
"China has been expanding imports over the years in order to meet the Chinese people's demand for better lives and high-quality development", he said, adding that after reaching preliminary consensus on trade issues of farm produce and energy during the previous consultations, the two sides will continue to hold consultation on these issues plus manufactured goods and service trade.
Trump tweeted that China "had agreed to reduce and remove tariffs on cars coming into China from the US".
Early in this September, the United States placed new tariffs on $200 billion of Chinese imports from 24 September and that will increase to 25% on 1 January 2019.