China vows quick action on US trade promises: 'The sooner the better'
White House trade adviser Peter Navarro on the trade truce between the U.S. and China.
Chinese officials hailed on Wednesday a “very successful” trade meeting with the U.S., just days after President Trump claimed there had been a major breakthrough in negotiations that ended in a new trade deal.
“China will begin implementing specific issues that have reached consensus immediately, the sooner the better,” a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.
Stocks sank on Tuesday, with the Dow Jones plummeting almost 800 points, amid concerns about the health of the U.S. economy and uncertainty about what specifically Trump and Chinese President Xi Jinping had agreed to at the G-20 summit in Argentina three days prior, but U.S. equity futures rose Wednesday after Beijing confirmed the news.
On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press.
The spokesperson did not say specifically what would be included in the agreement, but noted that specifics issues that have reached consensus will be first and foremost.
“The economic and trade teams of the two sides will actively promote the consultation work within 90 days in accordance with a clear timetable and road map,” the officials said.
Trump applauded the news in a tweet.