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06 December 2018, 09:01 | Kelvin Horton
Image US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms
The two leaders on Saturday agreed to the ceasefire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs.
"We are confident in implementation", the Chinese commerce ministry said, describing negotiations as "successful".
Trump said his team of trade advisers led by China trade hawk US Trade Representative Robert Lighthizer would determine whether a "REAL deal" with Beijing was possible.
German automakers said after the meeting they told Trump they planned to boost USA investments, but warned they would be unable to do so if the administration imposed new tariffs.
As the United States and China carry out negotiations to finalise a deal over their economic dispute, Mr Trump has warned China to negotiate a fair deal or else continue to face imposed tariffs. Besides escalating existing tariffs, Trump had threatened to impose import taxes on the remaining US$267 billion of United States goods from China.
In a "supremely ironic" move, China may even seek to negotiate entry to the TPP-11, which was originally conceived by the Obama Administration as part of pivot to Asia, and which may end up including China but not the USA itself, he said.
Trump has exaggerated the effect of the tariffs on US revenue.
Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing US trade deficits with those nations.
On Tuesday, Trump tweeted about the potential for a deal with China, before warning that if a deal wasn't reached in 90 days he would slap more tariffs on China because he was "a Tariff Man". While US President Trump is talking about considerable success in the US-Chinese negotiations, stock markets are shattering over the uncertainty in Sino-American relations. Instead, the two sides are to negotiate over US complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology.
"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".
The White House said China would agree to purchase a not yet agreed, but very substantial, amount of farm, energy, industrial, and other products from the United States.
Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
According to Rudd, who is president of the Asia Society Policy Institute, the ceasefire has bought valuable time for both China and the US, but also the broader global economy to avoid an even more risky trade deterioration.
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.
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