China to 'immediately' apply measures agreed in trade truce with US

China to 'immediately' apply measures agreed in trade truce with US

China to 'immediately' apply measures agreed in trade truce with US

US President Donald Trump said in a Twitter statement on Friday that the trade talks between Washington and Beijing are proceeding well.

Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets.

The Journal reported that the amount of tariffs US importers have paid since May has doubled.

"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. He added that the talks will also address areas such as intellectual property rights, technology cooperation, market access, and the trade imbalance.

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.

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and USA leaders over their ongoing trade dispute.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25% beginning 1 January, leaving them at the current 10% rate.

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

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