China's State Media Offers Some Clarity on U.S. Trade Deal

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China has yet to confirm Trump's claim Beijing promised to cut auto tariffs and immediately buy more American farm goods.

That's more detail than was in a Wednesday statement from China's commerce ministry that said the trade meeting with the US was "very successful" and expressed confidence in implementing the agreement - but didn't provide any further details on the outcome. Trump retweeted an edited excerpt of that article Wednesday.

Without disclosing further details about the agreement signed, ministry said, "China will start with the implementation of the specific matters in which consensus has been reached, the sooner the better".

Global markets cheered the weekend accord on Monday, only to reverse course Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on.

There's still no official statement from Beijing that the deal reached Saturday to not raise tariffs is only for a 90-day period and is dependent on the outcome of talks. About it reports RBC-Ukraine with reference to Reuters. China's crude oil imports from the USA had ground to a halt.

The Chinese silence has prompted questions about what Trump said was a promise by Beijing to buy more American goods and negotiate over US complaints that it steals American technology. US markets were closed on Wednesday to observe former President George H.W. Bush's death, but the effect of Wall Street's turmoil the previous day was felt in Europe and Asia with the benchmark Shanghai stock index closing down 0.6 percent.

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'Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests'.

'Despite a temporary de-escalation of hostilities following the G-20 summit, the relationship between the USA and China will remain contentious, ' Moody's Investors Service in a report. "Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed.

A Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details. Confusing and conflicting statements by Trump and USA officials, coupled with lack of Chinese confirmation, led to stock markets tumbling on Tuesday amid doubts about the chances for a final settlement of a fight over technology that threatens to chill global economic growth. China's government has been slow to formulate its response to the summit as senior officials were still out of the country with Xi, Bloomberg News reported.

Beijing will start to quickly implement specific items where there's consensus with the USA and will push forward on trade negotiations within the 90-day "timetable and road map", the Ministry of Commerce said in a statement on Wednesday morning in China.

'It will be a win-win situation if a deal is realised. "Chinese society should maintain a calm attitude", it said.

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