No stalling, White House economic adviser Larry Kudlow warns Beijing, after trade-war ceasefire is struck between Donald Trump and Xi JinpingThe deal is said to include lower tariffs on cars and measures against intellectual property theft – but it’s not yet in writing
The United States expects China to live up to a pledge to act immediately on trade issues after a deal reached by the countries’ leaders, including lower tariffs on automobiles and measures against intellectual property theft and forced technology transfers, White House official Larry Kudlow said on Monday.
US President Donald Trump and Chinese President Xi Jinping agreed to hold off on new tariffs for 90 days during talks in Argentina on Saturday, declaring a truce following months of escalating tensions on trade and other issues.
That 90-day period will begin on January 1, White House economic adviser Kudlow told reporters.
The Chinese offered more than US$1.2 trillion in additional commitments on trade, Treasury Secretary Steven Mnuchin said on Monday. Kudlow said that figure was a broad benchmark and referred to private transactions for buying US goods, subject to market conditions.
China also committed immediately to start lifting tariffs and non-tariff barriers, including reducing its 40 per cent tariffs on autos, Kudlow said.
However, none of the commitments were agreed to in writing and specifics had yet to be hammered out.
Kudlow, director of the National Economic Council, said he, Mnuchin and US Trade Representative Robert Lighthizer held two private meetings with China’s Vice-Premier Liu He in Argentina, who told them that Beijing would move immediately on the new commitments.
