USA wants ‘concrete’ trade action from China within 90 days

06 December, 2018, 05:05 | Author: Teresa Adams
  • US President Donald Trump said the G20 Summit was a success for America’s interests

The breakthrough came after a post-G20 summit meeting.

Earlier this year, the Trump administration imposed new tariffs on almost $250 billion worth of Chinese goods, to force Beijing to end its unfair practices.

"(China will purchase) agricultural, energy, industrial and other products from the United States to reduce the trade imbalance between the two countries", Washington said. The principal agreement has effectively prevented further expansion of economic friction between the two countries and has opened up new space for a win-win cooperation.

The Republican president called their agreement - which Washington hopes will help close a yawning trade gap with the Asian giant and help protect U.S. intellectual property - an "incredible" deal. Einar Tangen, a political analyst and investment banker based in Beijing says that the truce was "an excellent outcome", given the threats of escalation in months preceding the meeting. At the same time, USA farmers have been hurt by reduced Chinese imports of soybeans and other products.

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China responded by imposing its own tariffs. Furthermore, Chinese companies will feel the impact of the tariff as a 25% increase would have dramatic impacts on Chinese firms.

The president continued by saying his personal relationship with Xi is very strong, and praised him for reaching a massive and positive trade deal. "We expect those tariffs to go to zero".

Larry Pizzi, president and head of sales at Accell North America, said, "I am pleased by the postponement of the additional 15 percent tariff increase imposed on (non-electric) bicycles and bicycle parts and accessories, and remain hopeful that this 90 day stay will ultimately prevent the incremental tariff and net positive results for American consumers and the USA bicycle industry".

"We will be meeting with President Xi tonight.and we'll be talking about a thing called trade and probably other things but primarily trade". "The resumption of talks between the USA and China is encouraging for our industry, as we are dependent on complex global supply chains for our marketplaces around the world".

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The deal means the U.S.is unlikely to match China's 40-percent duties on light vehicles built in the USA, a move the American government has considered in recent weeks.

Kudlow added that Chinese negotiators told the United States they would move "immediately" to remove tariff and non-tariff barriers without offering specifics on what sectors would be affected, but said he believed it would be tied to automobiles. It should be according to the scheduled 90 days, no agreement, there will be an increase in the customs duties.

"China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%", Trump wrote on Twitter.

Investors have been eager for signs of a progress toward keeping an already costly trade dispute from spiraling into a new and broader cold war.

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