China promises action on trade deal but gives no details
China issued an upbeat but vague promise Wednesday to carry out a tariff cease-fire with Washington but gave no details that might dispel confusion about what Presidents Xi Jinping and Donald Trump agreed to in Argentina.
China has yet to confirm Trump’s claim that Beijing committed to cut auto tariffs and buy more American farm exports. That, coupled with conflicting statements by Trump and U.S. officials, helped trigger a tumble in U.S. stock prices Tuesday amid doubt about the chances for a lasting settlement of a battle over technology that threatens to chill global economic growth.
“China will start from implementing specific issues on which consensus has been reached, and the sooner, the better,” the Commerce Ministry said on its website.
The two sides have a “clear timetable and road map” for talks, the ministry said, but gave no details. The ministry didn’t respond to questions by phone and fax.
The Chinese silence prompted questions about what Trump said was a promise by Beijing to buy more American exports and negotiate over U.S. complaints that it steals American technology.
Stock markets rose Monday after U.S. officials touted the agreement as a historic breakthrough. But they plunged Tuesday after Trump called himself “Tariff Man” on Twitter and renewed threats of penalty duties.
Be patient, said Ma Hong, a trade expert at Tsinghua University in Beijing. He said Chinese leaders are right to move carefully as they deal with contentious details.
The delay in talking “isn’t a sign of rejection, but of cautiousness,” said Ma.
“The United States has put forward many demands, not all of them reasonable,” he said. Negotiations will proceed “step by step, not based on the rhythm of the United States.”
Trump is pressing Beijing to roll back plans for state-led development of Chinese technology champions that Washington says violate its marketopening commitments.
Chinese leaders have offered to change some details of plans such as “Made in China 2025.” They have rejected pressure to scrap strategies they see as a path to prosperity and global influence, but foreign analysts say they might be starting to understand the depth of foreign opposition to their plans.
Beijing has tried without success to recruit Europe, South Korea and other countries as allies against Trump. They criticize Washington’s tactics but share its complaints.