USA relations with China have taken ‘big leap forward

04 December, 2018, 00:39 | Author: Teresa Adams
  • Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do January 1, according to a White House statement.

Trump tweeted late Sunday that 'China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%.' There was no Chinese announcement about possible tariff cuts, and the Ministry of Commerce in Beijing didn't immediately respond to questions.

Trump's surprise announcement comes a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal. The rate was raised by 25 percentage points in July as part of countermeasures against Washington imposing tariffs on Beijing for alleged theft of intellectual property and technology. "And we know that", Kudlow said.

It suggests that cooperation is the key to the solution of problems, said Zhu Feng, a professor with the School of International Studies at Peking University, adding that given the differences between China and the United States in institutions, industrial policies and markets, Xi and Trump have demonstrated strategic courage and resolution at the dinner table.

However, it did not indicate if that was a plan with specific goals or something that was merely desirable.

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But by Friday, his boss struck a more optimistic tone amid turmoil back home. We have to make sure that people who are either dependent on opioids for pain, or who are addicted to opioids, are able to get the care that they need through our healthcare system. "We said that you also have to demonstrate greater market access, and one of the many ways they can do that is by purchasing hundreds of billions of dollars of both agriculture and non-agriculture products".

"It's an incredible deal", Trump told reporters aboard Air Force One, adding, "if it happens it goes down as one of the largest deals ever made". "There's some good signs". Court documents filed Thursday show Cohen worked on the project longer than he told congressional investigators - well into Trump's 2016 presidential candidacy.

"It is my great honor to be working with President Xi", Trump said.

Trump might have pressed Xi for a deal and been more willing to bend to some of Xi's demands to net another trade win in an attempt to offset any political damage back home.

Westpac FX analyst Robert Rennie said: "This US-China agreement is thus better characterised as a "mini-breakthrough" that puts a momentary pause on trade tensions rather than a comprehensive policy deal".

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Perhaps the most obvious impact of the trade dispute so far has been China's decision to nearly totally cut out imports of USA soybeans and energy commodities such as crude oil, coal and liquefied natural gas (LNG).

The not-so-subtle disparities between the United States and Chinese official statements highlight how much a gap needs to closed in the three-month trade war time-out. China retaliated with tariffs on $110 billion of USA imports. For another, he agrees that legal enforcement in China can be "quite lax", meaning it's not guaranteed that the latest China-U.S. agreement will actually do much.

White House press secretary Sarah Sanders said China's decision to label the drug as a controlled substance means that "people selling Fentanyl to the United States will be subject to China's maximum penalty under the law".

USA markets soared on news of the detente with the Dow rising more than 400 points in Monday morning trading.

China's President Xi Jinping, center, and members of his official delegation, listen to President Donald Trump speak during their bilateral meeting at the G20 Summit, Saturday, Dec. 1, 2018 in Buenos Aires, Argentina.

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However, Andrew Hunter, US economist for Capital Economics, said he is optimistic that the apparent "ceasefire" will hold, even though the two sides have been in similar positions before. He replied, referring to Trump, "Because of the president".

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