China hails Trump-Xi summit, says 'very confident' in trade deal
China on Thursday expressed confidence in striking a trade deal with the United States within their 90-day ceasefire period, praising the recent meeting between US President Donald Trump and Chinese President Xi Jinping as highly successful.
In Argentina last weekend, Trump and Xi agreed to a truce that delayed the planned Jan. 1 US hike of tariffs to 25 percent from 10 percent on $200 billion (157.16 billion pounds) of Chinese goods while they negotiate a trade deal. “We are very confident in reaching an agreement (with the United States) within the next 90 days,” China’s Commerce Ministry spokesman Gao Feng said in a weekly briefing, adding both sides have been communicating and cooperating “smoothly” since the leaders met in Argentina. China’s ultimate goal during the 90-day trade talks is to remove all US tariffs imposed on Chinese goods, Gao said. His comments come as the arrest of a top executive of Chinese tech giant Huawei [HWT.UL] by Canadian authorities, on Washington’s request, threatens to spark a flare-up in tensions between the world’s two economic powerhouses once again.
The two countries have hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.