China stays silent as Trump talks up trade truce

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

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

In doing so, he spread confusion and sent the stock market tumbling while essentially threatening a trade war against China over what his administration perceives as trade abuses.

The president's Treasury secretary, Steven Mnuchin, told reporters Monday that there will be "specific changes right away" to help the agricultural industry, even as the majority of the tentative agreement remains to be worked out over a 90-day-period agreed upon between the US and China. China has placed a 10 percent tariff on U.S. -LNG imports with the threat of increasing that figure in the future, resulting in China having to find alternate sources of the super-cooled fuel on the spot market. "It will always be the best way to max out our economic power", he said. Auto tariffs will be discussed right away in follow-up talks, Kudlow said.

Kudlow, director of the White House National Economic Council, also told reporters that he expects China will bring tariffs on autos imported from the U.S.to "zero". At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments.

United States president Donald Trump warned as part of a Tuesday tweetstorm that a trade deal with China could still fall through but said preliminary negotiations with Chinese -president Xi Jinping were encouraging.

The United States agreed to put on hold a scheduled increase in tariffs on $200 billion of Chinese goods due to come into effect on January 1, following talks between U.S. President Donald Trump and Chinese President Xi Jinping at a gathering of world leaders in Argentina.

Meanwhile, as Trump and White House officials tout the truce, Beijing has said little on a pact that cheered markets but left many questions unanswered. "China is willing to increase imports in accordance with the needs of its domestic markets and the people's needs, Wang said, "including marketable products from the United States, to gradually ease the imbalance in two-way trade".

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
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start

The White House said Beijing had promised to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, with purchases of farm goods to start "immediately". Even before the Buenos Aires talks, Trump last month had stated incorrectly that the Chinese government "got rid of" the Made-in-China 2025 programme of subsidised technology development in response to his objections.

The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator".

Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .

Referring to himself as a "Tariff Man", Trump issued a series of tweets that only further deepened the murkiness surrounding the trade truce that the two leaders said they had reached Saturday evening on the sidelines of the Group of 20 meeting.

"Let the negotiations begin", Trump wrote on Tuesday.

Xi and his most senior officials, including the commerce minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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