US, China agreed on a momentary Trade war truce after G20 Summit

08 December, 2018, 01:15 | Author: Elaine Woods
  • Wall Street sign close to the NYSE in New York

Trump also talked about reducing arms race between US, China and Russian Federation. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Mr Trump said on Twitter.

The Dow Jones industrial average lost close to 800 points - just over 3%.

The White House statement listed what it claimed China had promised to do.

But details of what exactly the two sides have agreed to have been vague and White House aides have struggled to explain what the two countries actually agreed on. "There was a rally in the expectation that something had happened".

The prospect of more tariffs, affecting the Chinese economy and a broader range of American businesses, has sparked concerns about slowing global growth.

And in the United States, home sales have fallen sharply in the past year as mortgage rates have jumped.

That's more detail than was in a Wednesday statement from China's commerce ministry that said the trade meeting with the USA was "very successful" and expressed confidence in implementing the agreement - but didn't provide any further details on the outcome. Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.

"My meeting in Argentina with President Xi of China was an extraordinary one".

Trump, who on Tuesday described himself as "Tariff Man", continues to ratchet up pressure on China, saying there will be a "REAL DEAL with China, or no deal at all".

"When people or countries come in to raid the great wealth of our nation, I want them to pay for the privilege of doing so".

But Trump and European leaders stepped back from the brink of a trade war over autos during the summer, agreeing to open talks to tear down trade barriers between the United States and the EU.

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"Although we do not see Qualcomm approaching NXP again in the short-term, we believe the statement is a positive for M&A activity, especially in the tech space", Zhang wrote. We make the finest and cleanest product in the World, and that is what China wants.

Mnuchin said for the first time there was "a clear path" to reduce the U.S. trade deficit with China to zero. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in US tariffs on many Chinese goods, from 10% to 25%, that had been set to take effect January 1.

He added that Xi has sought to control the Indo-Pacific region, where the US previously had significance. If the administrations don't reach an agreement on the matters in the next 90 days, tariffs will rise to 25%.

COUNTING THE COST: What's the endgame in the US-China trade war?

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

"Trump said China is planning to resume buying USA soybeans and natural gas, which he said confirms his claims that China had agreed to start "immediately" buying US products".

Chief economic adviser Larry Kudlow acknowledged those challenges in remarks Tuesday morning.

"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign".

"We have a president that's going to stand up to that for once", Navarro said.

Keane also said that the Chinese leader intends to overtake the United States as a global leader in the world. "The economic and trade teams from both sides will actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map", it said.

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