Trump says China trade talks 'going very well'

Saul Loeb  AFP  Getty Images

Saul Loeb AFP Getty Images

In a series of tweets on Wednesday, President Donald Trump said that there were "very strong signals" that China was ready to reach a trade deal with the United States.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping at a working dinner after the G20 leaders summit in Buenos Aires on December 1, 2018.

Few details have been made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets. China had been the largest purchaser of US soybeans, buying $12.25 billion worth of that product in 2017.

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Calling the talks with the U.S.

"China will start from agricultural products, autos and energy to immediately implement specific items that China and the US have agreed upon", Ministry of Commerce Spokesman Gao Feng told reporters in Beijing.

The two sides will also discuss intellectual property protection, technology cooperation, market access and balanced trade, and "work hard to reach a consensus", Gao said.

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According to the data, the tariffs which are often paid by importers, who then pass the added costs onto companies to whom the products belong are may fall on the shoulders of American consumers.

China and the US will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.

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