Thursday, 13 December, 2018

China says it will carry out tariff cease-fire with US

Trump China should use death penalty for distributors of Fentanyl ‘results will be incredible Bags of Fentanyl seized at a mail facility at O'Hare Airport in Chicago
Jean Garcia | 08 December, 2018, 17:41

But Trump again sought to paint the talks in a more positive light, highlighting a report from Bloomberg that "Chinese officials have begun preparing to restart imports of U.S. Soybeans & Liquified Natural Gas" that were put on hold as a result of the president's initial tariffs.

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and US leaders over their ongoing trade dispute.

High Chinese retaliatory tariffs on US soybeans have caused the USA exports of soybeans to drop by as much as 97 percent.

Trump pushes to narrow the deficit - the difference between a country's exports and imports - demand for foreign-made products is spurring companies to import more foreign-made goods to the U.S. But consumers are also paying a price, according to Tariffs Hurt the Heartland, a lobbying coalition of manufacturing, farming and technology groups.

On Thursday and again on Friday, Trump tweeted that talks with China are going well.

The two agreed a 90-day window starting from December 1 to try to resolve their differences, but if they can not do so then the threatened tariff increase will kick in on March 1.

November exports only rose 5.4 per cent from a year earlier, Chinese customs data showed on Saturday (Dec 8), the weakest performance since a 3 per cent contraction in March, and well short of the 10 per cent forecast in a Reuters poll. It was unclear if Gao was referring to the tariffs in his remarks to reporters.

Arsenal Players Warned After 'Hippy Crack' Video Emerges
Arsenal says the club will talk to the players who were recorded apparently inhaling nitrous oxide in a London nightclub. The North London club sit in fifth in the Premier League table, only behind fourth-placed Chelsea on goal difference.

This year, China's overall export growth has been stronger than expected in nearly every month.

China's November trade surplus with the United States was a record US$35.55 billion.

But unease over the agreement has dented stocks this week with major United States indices falling more than two per cent to close the market's worst week since March and one that left both the Dow and the S&P 500 in negative territory for the year.

"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", commerce ministry spokesman Gao Feng said at a regular press briefing.

In addition to buying USA goods immediately, Trump claimed this week that China would roll back tariffs of 40 per cent on U.S. made cars - but China's commerce ministry declined to confirm this move when asked about it Thursday.

But China's overall trade last month was worse than expected, with export growth slowing to 5.4 per cent and import growth slowing to 3 per cent.

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