Donald Trump Has "Puzzled and Irritated" China on Trade, Report Claims

Andrew Cummings
December 6, 2018

'Then, in the next 90 days, we will follow a clear timetable and roadmap to negotiate on issues such as intellectual property right protection, tech cooperation, market access and trade balance, ' he said, stressing the consultations should be based on meeting the interests of both parties.

But the spokesman did not provide more specific details about what actions China would take.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March.

Furthermore, contradicting statements from USA and Chinese officials, shattered U.S. stock prices on 4 December.

Trump also asserted that Beijing had agreed "to reduce and remove tariffs on cars coming into China from the US", adding that now the tariff is 40 percent.

Pompeo said in Brussels on Tuesday the United States could abandon some global agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organization rules.

The two leaders, who met on the sidelines of a Group of 20 summit in Argentina, also made a decision to hold off on new tariffs and give negotiators three months to strike an agreement.

Kudlow called Lighthizer the "best trade negotiator in the business" and expressed confidence that he would keep China on track with its commitments.

After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods.

Chinese leaders have offered to change some details of plans such as "Made in China 2025". "I am a Tariff Man", Mr. Trump said in a series of tweets.

-China trade cease-fire, contributing to a broad stock market plunge and intensifying fears of a global economic slowdown. General Motors, which not only exports some models to China but also imports the Chinese-made Envision SUV, fell 5 percent to $36.52 a share.

As a gesture of goodwill, Trump told Xi during their meeting he would hold off on raising tariffs from 10 to 25 percent on $200 billion worth of Chinese goods that would have taken effect on January 1.

Abe was the first foreign leader to meet Trump, flying to NY to see the new American president after his win at the 2016 election.

Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on USA autos.

"Treasury Secretary Steven Mnuchin acknowledged investors" doubts over the talks' outcome.

Jonathan Gold, an executive at the federation, said most retailers had already ordered goods for the first three months of the year, so the 90-day delay in the tariff hikes won't affect them.

COUNTING THE COST: What's the endgame in the US-China trade war?

The White House has alleged that China pledged to purchase a "very substantial" amount of agricultural, energy, industrial and other products from the United States, to help narrow the current trade deficit.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed.

The United States also expects China to promptly address structural issues, including intellectual property theft and forced technology transfers.

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