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China gets USA tariff delay but movement on tech unclear

China gets USA tariff delay but movement on tech unclear

The U.S. and China have announced only vague commitments and started a 90-day clock to try to reach a trade deal, but Trump has repeatedly cited specific agreements from China that Beijing has yet to confirm.

That's more detail than was in a Wednesday statement from China's commerce ministry that said the trade meeting with the USA was "very successful" and expressed confidence in implementing the agreement - but didn't provide any further details on the outcome. Trump and Xi agreed to pause the trade war between the world's two largest economies for 90 days, but no concrete commitments were made.

"China's discussed these things with the USA many times down through the years and the results have not been very good", he said.

No official details were disclosed except what ministry statement has stated, was the first public announcement from the Chinese government about 90-day extension. He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the U.S.to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other. He said China discussed up to $1.2 trillion in commitments that could potentially help reduce the USA trade deficit.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, US officials have said.

The Dow Jones Industrial Average fell by about 799 points or 3.09 percent on Tuesday after Trump reminded China that he was "a Tariff Man" who could easily hike tariffs on Chinese goods if they failed to deliver on their promise to purchase American goods.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40 percent tariffs on USA autos.

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the United States that it will happen "immediately", he said.

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Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, chief economic adviser Larry Kudlow and other administration officials were meeting individually with executives from each of the three automakers. While Asian and European equities dropped Wednesday in the wake of the biggest slide in stocks on Wall Street since the mid-October downdraft, USA futures advanced after the statement from China echoed Trump's optimism over bilateral trade talks. "President Xi and I want this deal to happen, and it probably will", he said.

The lower tariffs would be a boost to automakers exporting vehicles to China, including Ford and German carmaker BMW, which exports US -built luxury vehicles to China.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between the two sides' accounts of what the deal entails.

Diess said he thought the companies had "made a big step forward to avoid the tariffs".

But he urged caution going into the new year and pointed out that holding back on higher tariffs isn't the same as lifting the ones already in place.

Trump tweeted late Sunday that China has also agreed to "reduce and remove" tariffs on imports of American cars.

They agreed to enhance "structural changes" over technology transfer, cyber intrusions and crime, agriculture, service and intellectual property protection, the White House said.