The United States said Monday it will need to see “something concrete” from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two economic powerhouses. In return, China is to purchase “very substantial” amounts of agricultural, energy, industrial and other products from the United States. In a surprise announcement tweeted Sunday night, Trump also said China would “reduce and remove” tariffs of 40 percent on cars, though Beijing has yet to confirm the move. “My expectation is that China will roll back those tariffs quickly,” Kudlow said. Weinberg derided the US statement which said “China will agree to purchase a not-yet-agreed-upon but very substantial, amount” of goods.

Source: Egypt Independent December 04, 2018 09:33 UTC