Chinese officials have begun preparing to restart imports of U.S. soybeans and liquefied natural gas, the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some U.S. products "immediately".
White House trade adviser Peter Navarro on the trade truce between the USA and China.
China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences. "China does not want Tariffs!"
"The economic and trade teams of the two sides will actively promote the consultation work within 90 days in accordance with a clear timetable and road map", the officials said. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.
White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.
"If it is, we will get it done", Mr Trump said in a Twitter post.
How major US stock indexes fared Tuesday Asia News
The Dow plunged 730 points, or 2.8 percent, to 25,095, more than erasing its 488-point gain over the previous two trading days. Meanwhile, markets also got a bit of a jolt Tuesday from remarks by John Williams, president of the Fed's NY regional bank.
The Global Times is affiliated with the state-run People's Daily, and published a separate Chinese-language editorial on Tuesday noting that the US had made no mention of Beijing's "Made in China 2025" plan in any statements after the Xi-Trump meeting, nor criticized China's industrial policy.
A vow by China to reach a trade settlement with the United States has helped settle financial markets after steep falls in USA stocks. The downside for China is that it also needs US sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.
"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Mr Trump said on Twitter.
However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.
It did not give further details but it crucially did not contradict the U.S. president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.
A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details. 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.