China confident on USA trade pact, Trump cites Xi's 'strong signals'
07 December, 2018, 16:09 | Author: Brooke Harris
Mr Trump has said China is supposed to start buying agricultural products immediately and cut its 40 per cent tariffs on U.S. vehicle imports. But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'.
China has said that Beijing and Washington will push forward with trade negotiations in the next 90 days and it is confident that an agreement can be reached but doubts remain over whether the two sides can resolve their deep differences.
Stocks in the U.S., Europe and Asia fell sharply after Trump declared himself "a Tariff Man" who wants "people or countries" with intentions to "raid the great wealth" of the U.S.
-China trade war. President Trump and President Xi Jinping have reportedly now agreed to reach a temporary truce in the matter.
"If it is, we will get it done", Mr Trump said in a Twitter post.
"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed.
For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.
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China's ministry of foreign affairs said Monday the Chinese and USA president had agreed to work toward removing all tariffs.
China has promised to act quickly on the agreement but failed to release details, rattling financial markets.
Chief White house economist Larry Kudlow said that the meeting between the two leaders lasted for about 2.5 hours and added that the talks were "very good", but not told any details. The downside for China is that it also needs US sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.
"My meeting in Argentina with President Xi of China was an extraordinary one", President Trump tweeted.
Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina.
China's Ministry of Commerce did not respond to phone calls and a faxed request to comment.
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