Donald Trump Demands 'REAL DEAL' with China Despite Shaken Stock Market
Dec 06 2018
White House aides have struggled to explain the details of what the two countries actually agreed on.
Mnuchin said the agreement would comprise two phases, the first being "very specific commitments" implemented within the 90 days, and completing the second phase "very quickly as well".
"There was a rally in the expectation that something had happened, the problem is that something turned out to be nothing".
Other concerns contributed to the stock sell-off, including falling long-term bond yields.
"The negotiations with China have already started".
Trump and White House aides have promoted the apparent U.S. Should China remove the tariffs now, US soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America.
In his tweet, Trump wrote that China was supposed to start buying American "agricultural products and more" immediately. "It will now be considered a 'controlled substance,"' Trump said in another tweet Wednesday, subsequently adding that China would see "incredible" results if it imposed the death penalty on "distributors and pushers".
China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017. The statement did not mention whether Trump discussed tariffs with the automakers.
The wide rout was partly fueled by the arrest of a key executive of telecom giant Huawei Technologies, whose apprehension in Canada could threaten the recent truce in the trade war between the USA and China. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests". China had been the largest purchaser of US soybeans, buying $12.25 billion worth of that product in 2017.
Adding to the confusion, Mr Trump indicated on Tuesday that the trade talks could go beyond the March 1 deadline.
As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate.
Question: What is the next step of trade negotiations that the Chinese side is preparing for?
"China has routinely exploited loopholes in the World Trade Organisation rules, imposed market restrictions, forced technology transfers, and stolen intellectual property".
Mr. Trump has used tariffs to force Beijing to the negotiating table over its long-standing trade abuses, including tariffs and other trade barriers, theft of intellectual property and forced transfer of technology from US companies doing business in China.
Kudlow acknowledged those challenges in remarks Tuesday morning. Very good things will happen.
China said on Wednesday that it will press ahead with trade negotiations with the United States and that it is confident of reaching a deal within 90 days as per an agreed timetable.
There's no official, confirmed statement of what China agreed as part of the deal, although President Donald Trump tweeted that China already had agreed to lower tariffs on American cars, and Bloomberg reported December 5 that China was preparing to restart imports of USA soybeans and liquefied natural gas.