Trump Holds out Possible Extension on 90-day China Trade Truce

Trump Holds out Possible Extension on 90-day China Trade Truce

Trump Holds out Possible Extension on 90-day China Trade Truce

Per the president's post, a delegation of USA officials will hold negotiations with the Chinese side.

Trump warned that although he and Xi want to get to an agreement "remember, I am a Tariff Man".

Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".

Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante.

Tariffs, in theory, make US-made products cheaper than imported ones, and encourage consumers to buy American.

China's foreign ministry, the only government department that holds a daily briefing that foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything. "It goes down, certainly, if it happens, it goes down as one of the largest deals ever made".

China responded to earlier USA tariffs with retaliatory levies of its own, targeting $110 billion worth of U.S. products, including soybeans and other agricultural products.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating.

A White House official said it started on December 1. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump said.

After months of a back-and-forth trade war between the us and China, President Trump declared on Monday that Beijing had agreed to remove a 40 percent auto tariff on American vehicles. But Kudlow acknowledged on Tuesday that so far they haven't seen any evidence of concrete steps being taken.

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"I've never heard that "immediately" commitment before", Kudlow said. Auto tariffs will be discussed right away in follow-up talks, Kudlow said.

China also agreed to lift tariffs, including reducing its 40-percent tariff on American cars, . which Mnuchin expects will eventually "fall to zero".

There was reportedly no document signed by the two sides following their meeting in Argentina. If a deal is not reached in 90 days, it could raise them to 25%.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former USA government official who has been in contact with them.

However, traders across the board seemed to doubt progress on the trade talks with China.

Instead, the two sides are to negotiate over US complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology.

"You don't do this with the Chinese". "Nobody is under any illusions".

"We don't yet have a specific agreement on that", Kudlow said on a conference call with reporters. Wall Street's enthusiasm for the US-China trade truce has completely vanished. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes. "Financial markets are increasingly showing signs of fear of a recession". In fact, the only definite thing to seemingly come out of the summit is the USA vowing to hold off on raising threatened tariffs for 90 days. Chad Bown, a trade expert at the Peterson Institute for International Economics, estimates that 12% of US imports were covered by tariffs in September.

"Let the negotiations begin", Trump wrote on Tuesday.

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