China ‘confident’ new trade deal can be reached with US

The Chinese Commerce Ministry on Wednesday said that it’s “confident” it will be able to implement new trade terms negotiated with the U.S. but provided few other details.

Reuters reported that the ministry posted a statement on its website noting that China and the U.S. will work to “actively promote the work of negotiations within 90 days,” adding that the two sides have a “clear timetable and road map.”

The ministry called the latest round of talks at the Group of 20 (G-20) summit in Argentina “very successful,” and said it was “confident in implementation” of agreed upon changes.

{mosads}The statement did not mention plans to cut auto tariffs, despite President Trump claiming on Twitter on Sunday that China had agreed to reduce and remove duties on cars coming into China from the U.S.

Trump met Saturday with Chinese President Xi Jinping, where the two sides agreed to hold off on further tariff increases amid ongoing trade talks, and the White House said that China had agreed to start purchasing agricultural products.

The president was publicly optimistic in the immediate aftermath of talks with Xi, but on Tuesday warned that he is a “Tariff Man” and would be willing to impose duties on China if no agreement was reached within 90 days.

His change in tone shook the markets, as the Dow Jones Industrial Average closed down nearly 800 points and the S&P 500 dropped more than 3 percent on the day.

Trump on Wednesday morning sought to calm concerns of a breakdown between the two sides, tweeting that China had sent “very strong signals” following the weekend’s meeting.

The Trump administration has in recent months levied billions of dollars in tariffs on Chinese goods, prompting Beijing to respond with billions in retaliatory duties on U.S. products. The tit-for-tat exchanged raised concerns of a trade war between the world’s two largest economies.