Contrasting Chinese, US statements on trade war agreement

Share
Contrasting Chinese, US statements on trade war agreement

The US said that China will purchase a "very substantial" amount of US products to ease the trade imbalance, and would clamp down on the export of deadly synthetic opioid fentanyl to the US.

Markets, however, pulled back sharply after Monday's rally as doubts crept in over what could realistically get accomplished in the tight negotiating window. "Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro on seeing whether or not a REAL deal with China is actually possible".

Already there was confusion over when the 90-day period would start.

On Saturday, Trump and Chinese President Xi Jinping agreed to hold off on future tariffs until March 1.

Trump, in a series of Twitter posts, threatened to slap a range of import penalties on Chinese products if they did not make major changes in their economic relationship with the United States.

"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", he said. The pair negotiated a pause in the trade scandal, fuelled by the Trump administration, thereby buying time for coming up with a more comprehensive agreement that would more permanently improve the bilateral relations.

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. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump said.

China's national currency has shot upwards more dramatically over the past two days than over the last decade after the country reached a truce in its trade war with the United States, and in light of a temporary decline in the dollar prices.

While Trump hailed the agreement with Xi "an incredible deal", a lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted.

President Donald Trump said in a late-night tweet that China has agreed to "reduce and remove" tariffs on imported American-made cars, a claim that wasn't immediately confirmed by Beijing.

He said for the first time there was "a clear path" to reduce the U.S. trade deficit with China to zero.

His appointment of Lighthizer to lead the talks instead of Mnuchin puts one of the administration's toughest China critics in charge.

China's ambassador to the United States brushed off questions about the different accounts of the Trump-Xi meeting.

Trump's disparate statements about his commitment to brokering a lasting deal with China were the result of him trying to both appease the stock markets and gain leverage in the negotiations with China at the same time, Guajardo said.

Share

Advertisement

Related Posts

Heisman Trophy Finalists Announced
He's also rushed for 892 yards and has 51 total touchdowns (40 passing and 11 rushing). Ohio State, Southern California and Notre Dame have won the most Heisman's with seven.

NASA spacecraft to land on Bennu asteroid
Starting in October, OSIRIS-REx performed a series of braking maneuvers to slow the spacecraft down as it approached Bennu. The arm has a full range of motion, with joints capable of movement comparable to shoulder, elbow and wrist joints.

Operation Northern Shield: IDF strikes Hezbollah terror tunnels
The IDF added that it had "enhanced its presence and readiness in the Northern Command and is prepared for various scenarios". Hezbollah emerged with the help of Iran during Israel's occupation of southern Lebanon in the early 1980s.

Central Intelligence Agency director to brief senators on Khashoggi death
Following the November 28 briefing, Pompeo and Mattis told reporters there was no direct evidence tying MBS to Khashoggi's murder. Lindsey Graham said there is "zero chance" the crown prince wasn't involved in Khashoggi's death.

Victims of crime at Global Citizens concert urged to come forward
Witnesses took to social media to share how chaotic scenes unfolded at a Sasol garage outside FNB stadium, Briefly.co.za gathered. Scores of festival goers have shared their horrific experiences in and around the FNB Stadium following Sunday's event.

Up to 100 million Quora accounts affected by data breach
To disconnect your linked accounts go to your profile picture settings account and scroll down for connected accounts. If your Quora password was the same as your Google or Facebook password, you should change that too.

Ohio State Coach Urban Meyer Has Decided To Retire
Meyer will step down after the Rose Bowl on January 1, the university confirmed Tuesday. Offensive coordinator and quarterbacks coach Ryan Day will take over as head coach.

Attenborough to take "People's Seat" at climate change conference
President Donald Trump and German Chancellor Angela Merkel "don't realize how much power they have". Attenborough's speech comes at a crossroad for global climate action.

Bulls fire coach Fred Hoiberg, name Jim Boylen as replacement
The Bulls are a relatively young team this season but have seemingly been going backward of late, losing six straight games. The writing was on the wall for the Bulls to move on, although they may have done it sooner than many would have thought.

Samsung Galaxy S10+ Leaks In Highest-Resolution Renders Yet
But the two front cameras will not be enough to support 3D facial recognition like the one used on the iPhone X series. This could allow the Galaxy S10 to take selfies that fit more subjects into a single frame.

© 2015 ExpressNewsline. All Rights reserved.