What Happened: The United States and China have reached agreement on agricultural products, autos and energy, a spokesperson for the Chinese Ministry of Commerce has said, Bloomberg reported Dec. 6. He further added that both sides will negotiate in areas of common interest, such as the protection of intellectual property rights, cooperation in technology, market access and the trade balance.
Why It Matters: This is the first confirmation from a Chinese official of the 90-day negotiation period between Washington and Beijing. However, the timetable for the reduction of auto tariffs remains unclear, as the spokesperson declined to comment on the matter.
Background: Details are scarce as to what U.S. President Donald Trump and Chinese President Xi Jinping agreed upon during their meeting on Dec. 1. There have been inconsistent statements from U.S. officials on the details of possible trade concessions. The trade truce between the United States and China will last for 90 days, which gives both sides only a small window to reach a negotiated agreement.
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- How China Will Handle Its Trade War With the United States in 2019 (Nov. 14, 2018)