Sunday, 16 December, 2018

White House contradicts Trump, says there's no deal with China

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US What Trump Expects by Giving China a 90-Day Tariffs Break
Orlando Vargas | 05 December, 2018, 03:15

Speaking to journalists in a follow-up conference call, economic advisor Larry Kudlow cautioned "we don't yet have a specific agreement on that", though he expects the tariffs to be dropped, according to the Los Angeles Times.

While Washington touted the immediate increase in Chinese purchases of United States agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.

The United States expects China to take immediate action to cut tariffs on USA auto imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said on Monday.

"The negotiations with China have already started".

China will need to drop steep tariffs it imposed on a range of American farm products earlier this year before it can fulfill its pledge to buy substantial volumes of US goods, said Chinese traders on Monday.

According to the White House, the USA will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned. On top of that, as Hudson Institute senior fellow John Lee wrote for CNN, backing down on protectionism, IP theft and forced technology transfers could well force Xi to scale down his ambitions for Chinese economic development. "It will always be the best way to max out our economic power", he said. But if not remember, I am a Tariff Man", he tweeted on Tuesday. "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. In a 1990 interview with Playboy, the then real-estate investor said imposing tariffs on Japanese cars would be the first order of business if he ever won the presidency.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this

While the two sides left talks in Buenos Aires, with an upbeat attitude, confusion and a lack of clarity around what exactly Trump and Xi agreed to has left many experts skeptical that a concrete deal can be reached in such a short window. Chuck Grassley (R-Iowa), chairman of the Senate Finance Committee, has suggested to Axios that he would support legislation that limits the president's ability to impose tariffs.

The U.S. leader said U.S. farmers "will be a very BIG and FAST beneficiary of our deal with China".

China's foreign ministry, the only government department that holds a daily briefing that foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything. Let the negotiations begin.

Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

The US trade deficit with China was United States dollars 335 billion past year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.

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