China promises prompt action on U.S. trade pact

US President Donald Trump and China's President Xi Jinping attend the G20 summit in Buenos Aires last weekend

But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'.

Chinese officials hailed on Wednesday a "very successful" trade meeting with the US, just days after President Trump claimed there had been a major breakthrough in negotiations that ended in a new trade deal.

He added that Xi has sought to control the Indo-Pacific region, where the USA previously had significance.

U.S. President Donald Trump and China's leader Xi Jinping agreed on a temporary truce to halt their long-standing trade war at the G20 summit last weekend.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed.

While it remains to be seen if Washington and Beijing can iron out their trade differences, it would be beneficial for both sides' energy sectors to at least reach some sort of deal that would allow the free trade of energy between the two super powers.

Earlier this year Trump imposed an import tax of 25 percent on $50 billion in Chinese products, then hit an additional $200 billion worth of goods with 10 percent tariffs. 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.

President Donald Trump on Wednesday scrambled to reverse a stock market plunge over fears his China trade deal won't happen, arguing Beijing was sending "very strong signals" and that he believed President Xi Jingping's promises. -China relations "will remain contentious".

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. Xi and his most senior officials, including the commerce minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

China's ministry of foreign affairs said Monday the Chinese and US president had agreed to work toward removing all tariffs.

In a brief statement, the ministry said China would try to work quickly to implement specific items already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map". China's government has yet to issue official comment on those details.

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