China confident of a trade deal with the United States and Trump wants a "real deal"
China expressed confidence on Wednesday that it could reach a trade deal with the United States despite new warnings from President Donald Trump on his return to impose more tariffs unless the two sides can resolve their differences.
The comments from the Chinese Ministry of Commerce came after a period of relative calm in Beijing after Trump and his Chinese counterpart Xi Jinping reached a temporary truce in their trade war at a dinner meeting in Argentina on Saturday.
In a brief statement on its website, the ministry said China will seek to move quickly to implement certain already agreed issues while the two sides "push forward the work of negotiations within 90 days under a clear timetable and road map."
"We are confident of implementation," she said, describing the latest bilateral talks as "very successful."
Trump hinted at Twitter that the truce could be extended, but warned that tariffs would come back if the talks were not fruitful.
"Negotiations with China have already begun, and unless extended, it will end 90 days after our very pleasant and intimate date with President Chi in Argentina," Trump wrote.
He said he would impose "big fees" on Chinese goods received in the United States if his administration failed to reach an effective trade agreement with Beijing.
"We will either make a real deal with China or we will not make an agreement at all - then we will impose a large tariff on Chinese products shipped to the US I eventually think we will conclude an agreement now or in the future," Trump wrote in a publication minutes after the Commerce Department statement, .
The threat of further escalation in the trade war between the world's two largest economies has been heavily hit on financial markets and the global economy for much of the year.
Investors initially welcomed the truce.
However, morale quickly deteriorated due to the suspicion that the two sides would be able to reach a real deal on a set of issues that were deeply divided between them during the short period of agreed negotiations.
Failure to conclude a deal would raise the possibility of a major escalation in the trade dispute, with new US tariffs expected to be imposed and China may respond by March.
The White House says China is committed to starting to buy more US products, lifting customs and non-tariff barriers immediately and initiating talks on structural changes in relation to forced transfers of technology and protection of intellectual property rights.
US officials and other major economies have often criticized China for its slow approach to negotiations and failure to meet its full commitments.
A Chinese official told Reuters officials were "waiting for the leaders to return" before the details were published.
Chinese President Xi and most senior officials are due to return to China on Thursday after visiting Panama and Portugal since leaving for Argentina.
The Global Times, a semi-newspaper run by the Communist People's Party's main People's Daily, said on Wednesday that the vast number of Trump administration data on the deal, including the agreement that China would buy additional US $ 1.2 trillion worth of goods to highlight or even inflate aspects of the deal Which is beneficial to the United States.
"If an agreement is reached, it will be a mutually beneficial situation, and if it does not, conflicts and talks will continue for a longer period."