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Sceptics doubtful of trade breakthrough amid China-US truce

Sceptics doubtful of trade breakthrough amid China-US truce

In a brief statement, the ministry said China would try to work quickly to implement specific items already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map".

He revisited the issue later on Tuesday, within minutes of the commerce ministry's statement, writing on Twitter: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".

"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina", Trump said, speaking of China's attendance at the G-20 summit last weekend.

They said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought a solution to their trade disputes. For its part, China has slapped tariffs on $110bn of USA imports.

Larry Kudlow, head of the White House's National Economic Council, added to the confusion when he said on Monday night that there was not a "specific agreement" that would lead to China lifting its tariffs on American cars-directly contradicting Trump's tweet earlier on Monday that claimed, "China has agreed to reduce and remove tariffs on cars coming into China from the U.S".

The U.S. had a $335.4 billion trade deficit with China in 2017.

"Free trade has made the success story of BMW in the United States possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg a year ago were exported to more than 120 countries.

White House economic adviser Larry Kudlow said on Tuesday that a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether U.S.

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House. "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he added.

Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.

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Mr Pompeo said in Brussels on Tuesday that the U.S. could abandon some global agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organisation rules.

Members of Trump's economic team continued to temper optimism about a deal Tuesday.

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote. The statement did not mention Trump or Xi, however the state news agency Xinhua later said the ministry statement was hailing their meeting.

Officials from the USA and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments.

"Ninety days is very little time to fix these perennial issues", said Bill Adams, senior economist at PNC.

Trump has exaggerated the effect of the tariffs on US revenue.

In late November, his office released a damning report on Chinese trade practices that gave China a low grade on resolving complaints on hacking, intellectual property theft, and forced technology transfers.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details. 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 USA to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.

Mr. Trump said this week that China agreed in talks to eliminate auto tariffs of 40 percent, which would be a boon to foreign automakers.