Chinese official statements to date have not referenced the 90-day deadline or the specific issues cited by the White House, instead emphasizing that the talks would be aimed at negotiating a removal of each side's additional tariffs and suggesting that "reasonable US concerns" could be gradually resolved as China undertakes a new round of economic reforms.
Trump agreed in July not to impose higher duties on European Union cars while the two sides sought to improve ties in a number of fields, from regulatory cooperation to energy and a deal to remove tariffs on industrial goods.
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.
Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.
In a commerce ministry statement, Chinese officials called the talks between the two leaders a "great success".
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. But nothing beyond their official statements exists and deep divisions remain, particularly related to China's industrial policies and its treatment of USA companies.
The White House said Trump and Xi 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.
Trump on Tuesday opened the door to lengthier talks, indicating they could extend beyond the March 1 deadline.
A USA government official briefed on the matter said yesterday the administration was not expected to move forward with new tariffs on imported vehicles immediately.
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Executives from the three automakers were invited to individual meetings with Trump's top economic advisers to discuss investment opportunities in the United States, including in manufacturing and research and development, the White House said.
Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .
While Beijing retaliated for US tariff hikes by imposing penalty charges on American soybeans, autos and other goods, it cut duties on factory machinery and other imports from other countries. However, it will be interesting to see whether China and the USA will be able to get along with each other in future also. There was no Chinese confirmation of the move, which would have little impact on trade because most American vehicles sold in China are made here.
China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between the two sides' accounts of what the deal entails.
"I am a Tariff Man". We make the finest and cleanest product in the World, and that is what China wants.
"The reason why you are not seeing more, why the market has probably come off the highs, is after the dust settles, people realize there are still a lot of question marks and it's only 90 days for them to negotiate", he said.
Trump, via Twitter, threatened to place "major tariffs" on Chinese goods imported into the United States if his administration is unable to reach an effective trade deal with Beijing.
China has not confirmed any of the details Mnuchin and Kudlow gave.