Washington - The United States expects immediate action by China 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, a White House official said on Monday.
U.S. 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 Jan. 1, White House economic adviser Larry Kudlow told reporters.
The Chinese offered more than $1.2 trillion in additional commitments on trade, Treasury Secretary Steve Mnuchin said on Monday.Kudlow said that figure was a broad benchmark and referred to private transactions for buying U.S. goods, subject to market conditions.
China also committed immediately to start lifting tariffs and non-tariff barriers, including reducing its 40 percent tariffs on autos, Kudlow said. “We expect those tariffs to fall to zero,” he told reporters.