Sunday, 17 February, 2019

China confident on US trade pact, Trump cites Xi's 'strong signals'

China's News China's Financial News Trump claims 'BIG leap forward' in China trade talks, but details unclear
Laurie Berry | 07 December, 2018, 18:57

By Tuesday, the optimism had completely faded as Trump once again called out China for its trade practices.

Trump "shared his vision of all automakers producing in the United States and creating a more friendly business environment", the White House said in a statement.

The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble. Referring to himself as a "Tariff Man", Trump, in a series of tweets, deepened the murkiness surrounding the trade agreement, while members of his economic team talked down the prospects of a broad deal.

Washington and Beijing said they will try to achieve a permanent deal within the next 90 days, however the US still has significant leverage, stating that if a formal deal can't be reached then it will hike tariffs from 10 percent to 25 percent, which could roil global stock markets, stagnate global economic growth, dampen oil demand growth and possibly lead to a recession across the globe, particularly in emerging economies.

China's reticence contrasted with the parade of US officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow. China has imposed duties on about $110 billion in USA products.

Tariffs have proven taxing on many companies, especially those with global supply chains and suppliers in China.

According to the White House, China has agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products from the USA to reduce a yawning trade gap, as well as to negotiate over Washington's assertions that Beijing steals American technology.

Trump jolted auto stocks by announcing late Sunday that a deal had been reached, following his dinner with Chinese President Xi Jinping on Saturday at the Group of 20 summit in Buenos Aires.

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The Commerce Department has circulated draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 percent on imported cars and parts on national security grounds, Reuters reported in November.

He wrote on Twitter yesterday: "President Xi and I want this deal to happen, and it probably will". Even if the tariffs are lifted now, the U.S. crop is becoming less competitive in the Chinese market as the harvest season approaches in South America.

China and the United States also agreed to continue negotiations concerning agriculture, energy, services and other sectors of the economy. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

Daimler chairman Dieter Zetsche told reporters that additional USA investments are contingent on conditions remaining the same.

The US trade deficit with China was United States dollars 335 billion past year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.

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

'The actual amount of concrete progress made at this meeting appears to have been quite limited, ' Alec Phillips and other economists at Goldman Sachs wrote in a research note. "The meeting with the president was very good and very open". Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.

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