#BUSINESS: China -US trade truce hit the global market - WELCOME TO FACTS ZONE NEWSPAPERS

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#BUSINESS: China -US trade truce hit the global market

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THE Chinese government has unveil its plan to immediately implement measures agreed under a trade war “truce” with the US.

The Chinese commerce ministry’s remarks came days after Donald Trump and his Chinese counterpart, Xi Jinping, agreed to give 90 days to negotiators to resolve their trade fallout.

The details which were made public about what the two sides will negotiate, a lack of clarity that has unsettled stock markets.

“China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items,” a commerce ministry spokesman, Gao Feng, made this known at a press briefing.

The duo are also to deliberate on the intellectual property protection, technology cooperation, market access and fair trade, and “work hard to reach a consensus”, the commerce minister Gao Feng revealed this.

The White House revealed that Chinese government agreed to purchase a “very substantial” amount of agricultural, energy, industrial and other products to reduce the trade gap. It would also begin buying products from US farmers “immediately”, the US government said.

However,the duo are also to negotiate on structural changes to force technology transfer, intellectual property protection, cyber-intrusions and cybertheft, services and agriculture, according to the White House.

The US president Donald Trump previously said China would roll back tariffs of 40% on cars. It was unclear whether Gao was referring to the tariffs in his remarks to reporters.

Gao’s briefing came hours after the trade detente risked being rattled by the rest in Canada of a top executive from the Chinese telecom giant Huawei at the request of the US government.

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