Trump says 'big' China deal possible after United States pressure
18 December, 2018, 10:59 | Author: Ted Wilson
The latest announcement on the planned tariff suspension followed China's first major purchase of U.S. soybeans since U.S. President Donald Trump and Chinese leader Xi Jinping's landmark talks on trade in Argentina on December 1. "It could happen, and rather soon!" he tweeted on Friday (local time).
His optimism followed China's decision last Friday to back off from extra punitive duties that had been imposed this summer on US-made cars and auto parts.
Earlier in the day, China pressed on with its trade war truce with the USA and made announcements regarding suspending extra tariffs on American automobiles. They have just suspended US Tariff Hikes. According to the Trump Administration Official, US did neither receive any documentation, nor timing details regarding the tariff reduction, however, the tariff cut has been ascertained from multiple sources. But he also cautioned against watching day-to-day reports instead of focusing on March 1, "when we'll have a complete offer from China". Washington and Beijing had for over a decade conducted regular trade negotiations to resolve disagreements, and when progress was slow - a frequent complaint - or talks failed, the United States filed complaints with the World Trade Organisation (WTO). He added that further concessions from China are needed for a trade agreement.
'It is essential that governments work together to advance balanced and fair trade.
Joe Hinrichs, president of Ford Motor Co.'s Americas unit, also welcomed China's announcement, noting that the USA auto maker exported almost 50,000 US-built vehicles to the country in 2017.
The tax agency said the suspension that takes effect January 1 is meant to carry out the agreement reached December 1 by Mr. Trump and Mr. Xi, who made the breakthrough over a steak dinner in Buenos Aires, where they were attending the Group of 20 nations leaders summit.
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The tariff suspension and soybean purchase are early signs that the trade tensions between China and the United States may be finally cooling.
Ms. Xi pledged to open China's markets, buy more US agriculture and other goods and reduce duties on cars.
In another signal that China may move to satisfy Mr Trump, the country's top legislature announced last Friday that it would hold a session from Dec 23 to Dec 29 to discuss legislation on foreign investment and draft revisions to the patent law.
Maintaining and resolving the trade truce could help stabilise sentiment in China, where confidence in the economy has been hurt by the trade frictions with key trade partner the US.
Foreign carmakers have long pleaded for freer access to China's auto market while its own manufacturers are trying to expand overseas.
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