China to 'immediately' implement United States trade truce measures

Saul Loeb  AFP  Getty Images

Saul Loeb AFP Getty Images

The United States government collected $5 billion in import tariffs during the month of October and the numbers continue to climb as the Trump administration capitalizes on additional revenue stemming from the trade war with China.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping at a working dinner after the G20 leaders summit in Buenos Aires on December 1, 2018.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", a commerce ministry spokesman, Gao Feng, said at a regular press briefing.

That optimistic tone contrasted with Chinese criticism of Canada's arrest of an executive of technology giant Huawei who a Toronto newspaper said is accused by the United States of trying to violate trade curbs on Iran.

President Donald Trump agreed Saturday to postpone US tariff hikes in a fight over Beijing's technology policy by 90 days while the two sides negotiate.

Central bank holds rate amid oil slump; casts doubt on future hikes
In the years that have followed the last slump, the sector has adjusted its cost structures, wages and employment levels, Poloz said.

High Chinese retaliatory tariffs on USA soybeans have caused the US exports of soybeans to drop by as much as 97 percent.

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

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

"China is full of confidence in reaching an agreement within the next 90 days", the spokesman said. -Chinese relations for years.

China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017.

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