China vows quick action on U.S. trade promises: 'The sooner the better'

China vows quick action on U.S. trade promises: 'The sooner the better'

Mr Trump said his team of trade advisers, led by China trade hawk and U.S. trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible.

"The actual amount of concrete progress made at this meeting appears to have been quite limited", Alec Phillips and other economists at Goldman Sachs wrote in a research note.

Trump applauded China's remarks on Wednesday in a tweet.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

"President Xi and I want this deal to happen, and it probably will".

German automakers said after the meeting they told Trump they planned to boost US investments, but warned they would be unable to do so if the administration imposed new tariffs.

China's tariffs on US soybeans had earlier pushed the price of soybeans from Brazil, the world's top supplier, so high that Chinese buyers could have imported American soybeans and paid the tariff for less.

The two sides will also discuss intellectual property protection, technology cooperation, market access and balanced trade, and "work hard to reach a consensus", Gao said.

Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on USA autos.

The ministry vowed to start implementing "specific matters" that were agreed - saying "the sooner the better" - but did not provide any details. "So this time around as I said, I'm hopeful, we're covering more ground than ever..."

Zetsche said it is "impossible" to build all vehicles sold in the United States because of small volumes of small luxury cars.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.

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"All of these help to safeguard China's legitimate interests, and are also in the interests of the United States, and even more are in line with the expectations of the worldwide community", he added. "It remains unclear for the market whether the trade war will escalate or deescalate from here". They jumped Monday in response to Saturday's truce, but then fell again Tuesday morning.

Following this tweet, Dow Jones Industrial Average dropped 799 points.

BMW AG said in a statement that it plans to invest $600 million more at its Spartanburg plant in SC through 2021 for future generations of the BMW X models and will create 1,000 more jobs by 2021.

In the meantime, the outlines of the agreement remain hazy and in some cases confusing.

Sources told Reuters that Chinese oil trader Unipec plans to resume buying US crude by March after the Xi-Trump deal reduced the risk of tariffs on those imports.

Mr Wang said the facts will prove that the common interests between China and the United States are greater than our differences, and cooperation needs to be greater than friction.

Shares of United States and overseas auto companies rose on the announce-ment, though it's unclear how much companies like GM or Ford will actually benefit.

"We...thought Charleston could build cars for China", Volvo's global CEO Hakan Samuelsson told USA Today during an interview at the Los Angeles Auto Show last Wednesday.

The U.S. president a day earlier had said the ceasefire could be extended but warned tariffs would be back on the table if the talks failed and that he would only accept a "real deal" with China.

China has swung into action to start delivering on the trade commitments that led to its weekend truce with the USA, even as uncertainty over what was agreed lingers.

But Kudlow said the ultimate amount will depend on market prices and the health of China's economy.

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