China vows quick action on USA trade promises: 'The sooner the better'
07 December, 2018, 16:06 | Author: Eric Barnett
Failure would raise the specter of a major escalation in the trade battle, with fresh US tariff action and Chinese retaliation possibly as early as March.
China on Wednesday, said now time has come to push forward the trade negotiation and make deal with the United States in next 90 days, and also vowed to implement "immediate" changes to the agreements signed between both the countries. China has placed a 10 percent tariff on U.S. -LNG imports with the threat of increasing that figure in the future, resulting in China having to find alternate sources of the super-cooled fuel on the spot market.
The remarks, by the Chinese Commerce Ministry, follow a period of relative quiet from Beijing after Trump and Chinese leader Xi Jinping reached a temporary truce in their trade war at a meeting over dinner in Argentina on Saturday.
Trump has agreed to delay a rise in tariffs on China while talks continue.
Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".
While it remains to be seen if Washington and Beijing can iron out their trade differences, it would be beneficial for both sides' energy sectors to at least reach some sort of deal that would allow the free trade of energy between the two super powers.
White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.
The Global Times is affiliated with the state-run People's Daily, and published a separate Chinese-language editorial on Tuesday noting that the US had made no mention of Beijing's "Made in China 2025" plan in any statements after the Xi-Trump meeting, nor criticized China's industrial policy.
Stocks sank on Tuesday, with the Dow Jones plummeting nearly 800 points, amid concerns about the health of the USA 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 US equity futures rose Wednesday after Beijing confirmed the news. The downside for China is that it also needs USA sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.
Keane also said that the Chinese leader intends to overtake the United States as a global leader in the world. China's government has yet to issue official comment on those details.
President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina.
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