White House contradicts Trump, says there's no deal with China

05 December, 2018, 04:34 | Author: Sally Reid
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Trump tweeted: "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".

After describing the agreement made between China and the U.S. during the G-20 summit in Argentina over the weekend as "an incredible deal" and "one of the largest deals ever made", Donald Trump has done an unsurprising 180 after apparently finally appearing to catch up with reality.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

"Stuff is happening today", Kudlow said. Senior administration officials also had trouble articulating any specifics about the deal in press briefings.

It also said China had agreed to start buying farm products from US farmers immediately. According to details released by the White House, Trump agreed to postpone a planned January 1 escalation of tariffs on Chinese goods for 90 days, while Xi agreed to buy more American agricultural goods in the meantime.

President Donald Trump's dinner with Chinese leader Xi Jinping yielded a ceasefire in the trade war between the world's two biggest economies, though the details are proving less than satisfying to those hungering for a lasting truce. "I'm taking President Xi at his word, at his commitment to President Trump".

Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said.

He then referred to his plan for escalating 10% duties on Chinese imports to 25%, tweeting: "Remember I am a Tariff Man".

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The markets - equity and bond markets - are expressing a pessimism quite at odds with Trump's boasts that "trade wars are great and easy to win" and with the notion that tariffs and tax cuts are the recipe for making the USA great again. The tariff had been previously set at 15%, but was ratcheted it up to 40% as part of a series of retaliatory measures taken by China against the US.

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of USA tariffs, while US economic growth, though not as robust as a few months ago, is still strong.

"If it is we will get it done". The move is a significant turnaround in relations between the US and one of its biggest customers for farm products.

Global stocks slumped on Tuesday (Dec 4) as investors grew sceptical that the U.S. and China made a meaningful breakthrough on Saturday.

On Monday, Kudlow said there was an "assumption" that China would eliminate auto tariffs, not a specific agreement. The development signals the most prominent gain since summer 2005, when China stripped its currency of domestic limitations and placed it into a more flexible, but volatile, foreign exchange domain.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

At his political rallies and news conferences, Trump often praises the increase in USA military spending during his almost two years in the White House.

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

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