Published: Sun, December 09, 2018
Global News | By Blake Casey

$5-B in Tariffs Collected in October From US-China Trade Dispute

$5-B in Tariffs Collected in October From US-China Trade Dispute

Ahead of his attendance at former President George H.W. Bush's state funeral Wednesday, President Donald Trump took to Twitter to express optimism about the state of trade negotiations with China following Tuesday's stock market plunge. "In the next 90 days we will work in accordance with the clear timetable and road map to negotiate in areas where both sides have an interest and there are mutual benefits, such as intellectual property rights protection, technology cooperation, market access, and the trade balance".

"The ultimate goal for the 90 days of talks is to remove all the increased tariffs", Gao said.

China and the USA have reached agreement in the sectors of agriculture, autos, and energy, and China will immediately start implementing that consensus, a government spokesman said.

But Trump again sought to paint the talks in a more positive light, highlighting a report from Bloomberg that "Chinese officials have begun preparing to restart imports of U.S. Soybeans & Liquified Natural Gas" that were put on hold as a result of the president's initial tariffs.

China and the USA will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

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The newspaper also said three ministers were considering resigning in opposition to her deal, without citing sources. Defence minister Tobias Ellwood said he could back another vote if Mrs May faces a crushing defeat.


The two sides will also negotiate "structural changes" to forced technology transfer, intellectual property protection, cyber intrusions and cyber theft, services and agriculture, according to the White House.

China has said it will import more USA products to reduce its trade surplus, but no dollar amount has been publicly discussed.

The Trump administration has imposed tariffs on Chinese...

While Trump has long championed the tariffs, even referring to them as "the greatest", they are ultimately a tax on American consumers that raise the cost of goods.

Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.

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