‘BIG leap forward,’ says Donald Trump on US-China relations

‘BIG leap forward,’ says Donald Trump on US-China relations

They have rejected pressure to scrap strategies they see as a path to prosperity and global influence, but foreign analysts say they might be starting to understand the depth of foreign opposition to their plans.

"I am a Tariff Man", the president said Tuesday in one of a series of tweets about a new round of trade talks with China after the world's two largest economies imposed tariffs on hundreds of billions of dollars of each other's goods after Trump struck first.

Last week, BMW said it was considering building a second manufacturing plant in the United States that could produce engines and transmissions, drawing praise from Trump, who has made the revitalization of US manufacturing a key pillar of his economic program.

Still, Beijing gave no sign of a changed stance on technology ambitions that Washington says violate Chinese market-opening obligations and might threaten USA industrial leadership. Kudlow also kicked the trade can down the road even further, saying the truce would begin January 1, giving the two sides until April 1 - rather than the March 1 date initially mentioned - to strike a deal.

On December 1, during a working dinner meeting in Buenos Aires following the G20 Summit, U.S. President Donald J. Trump and Chinese President Xi Jinping agreed to temporarily ease trade tensions as both sides continue negotiating over longer-term solutions to U.S. concerns about bilateral economic relations. Eastern Time. The Dow climbed 270 points, or 1.1 percent, to 25,814.

China, for its part, also agreed to offset its massive trade imbalance with the U.S.by buying more, but not yet specified amounts, of energy products, agricultural, industrial and other products.

In a brief statement, China's commerce ministry described the two sides' discussions as "successful", adding it was "confident" of their agreement's implementation.

Trump has said China is supposed to start buying agricultural products immediately and cut its 40 percent tariffs on US auto imports. -China trade talks were on track.

Treasury Secretary Steven Mnuchin told reporters at the White House Monday that there was an "an immediate focus on reducing auto tariffs", though he did not provide details or timing.

But details about the likelihood of progress and specifics of the agreement have been slim. We are right now taking in $billions in Tariffs.

Mnuchin stressed that the two leaders had detailed conversations on 142 items and said the goal now was to turn the talks into a "real agreement".

Goldman Sachs analyst Alec Phillips said the USA and China made little concrete progress at G20, which was what he anticipated heading into the meeting.

Investors were pleased by the news.

"My meeting in Argentina with President Xi of China was an extraordinary one".

The outcome wasn't the result of a "significant change" by China, Louis Kuijs of Oxford Economics said in a report.

Trump agreed in July not to impose higher duties on European Union cars while the two sides sought to improve ties in a number of fields, from regulatory cooperation to energy and a deal to remove tariffs on industrial goods.

Prices on some Chinese new vehicles have soared as a result of the 40 percent tariffs the country has put on US -built cars and light trucks since the summer.

"President Xi and I want this deal to happen, and it probably will", Trump wrote on Twitter.

On Tuesday, China's government issued a pledge that appeared to be aimed at mollifying US complaints about rampant violations of patents and copyrights. Nor does the latest announcement affect the 25 percent duties on separate lists of Chinese imports covering $34 billion and $16 billion in Chinese imports, respectively.

Last week, the S&P 500 gained 4.8 percent as investors interpreted commentary from the Federal Reserve as signaling that USA interest rate hikes may be less aggressive than feared.

Related Articles