Monday, 10 December, 2018

Trump's advisers struggle to explain deal he says he cut with Xi

TRADE WAR: Europe and Asia stock markets higher as China and US agree CEASEFIRE China and US declare temporary truce after Trump, Xi summit
Jean Garcia | 05 December, 2018, 04:28

The apparent move on auto tariffs was part of a broader trade truce struck by Trump and Chinese President Xi Jinping during a dinner in Buenos Aires on Saturday night.

In exchange, the US wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and forced technology transfer.

China has agreed to "reduce and remove" the 40-percent tariff it slaps on new cars imported from the United States, president Donald Trump wrote in a Twitter post.

Trump said he and Xi "have a very strong and personal" relationship.

"If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said. U.S. Trade Representative Robert Lighthizer said Wednesday that Washington would consider taking a countermeasure of raising the rate on cars from China from the current 27.5 percent to 40 percent.

Trump agreed to postpone new tariffs on Chinese imports and Xi said China would purchase "a not yet agreed upon, but very substantial" amount of USA goods and label Fentanyl a controlled substance.

In addition, the USA said China agreed to "purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States".

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the USA and China failed to reach an agreement to at least postpone that move.

"My meeting in Argentina with President Xi of China was an extraordinary one".

"China will still need to prepare for the worst scenario of a "decoupling" of the Chinese and American economies, in particular in the high-tech sector", Wang Yong, the director of the Center for International Political Economy at Peking University, said, adding that Beijing faced an increasingly hawkish Trump administration.

NY marriage proposal that went down the drain
After about 10 minutes of digging, they found it. "Here are some more photos, does anyone recognise them?" the department tweeted. The tale quickly made headlines and the news soon reached the newly engaged pair, who had by then returned to the UK.

China will agree to purchase a not yet finalized but very substantial amount of agricultural, energy, industrial, and other products from the United States to reduce the imbalance.

The US president did not send any subsequent tweets on Sunday explaining which auto tariffs would be removed, and which would be reduced.

The White House later corrected him to say that the 90 days actually began on Dec 1, Saturday.

The increases come after the U.S. and China said they had agreed to not increase tariffs for 90 days to allow for talks. By midyear, soybean exports to China were down by 20.5%, according to CNBC.

Trump also talked about reducing arms race between US, China and Russian Federation.

Financial markets surged on the news of the ceasefire, with the benchmark Dow Jones Industrial Average up 1.2 percent, more than 300 points, about 30 minutes after the open, relieved that some of the immediate threat of further damage was averted. White House economic adviser Larry Kudlow said that the meeting went "very well" in a brief comment to reporters as the Trump delegation left Buenos Aires for Washington.

Since July, the U.S. has imposed tariffs on $250bn (£195.9bn) worth of Chinese goods.

Carmakers were dealt a blow back in July when they were forced to hike prices after China raised tariffs on United States auto imports to 40 percent.

"This Statement is not a formal agreement, but the tone and direction seems very constructive for semis", said Stein in a note out on Monday.

Asian markets rose after the presidents of China and the U.S. reached a temporary truce in their trade war. Trump said, however, "We are dealing from great strength, but China likewise has much to gain if and when a deal is completed".

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