China vows swift trade action even as USA sends mixed signals

DEVELOPING: US-China trade uncertainty fuels market plunge

DEVELOPING: US-China trade uncertainty fuels market plunge

China and the U.S. would push ahead with negotiations over 90 days and China would implement the specific issues it agreed with the USA "as soon as possible", the statement said.

Trump said his team of trade advisers led by China trade hawk US Trade Representative Robert Lighthizer would determine whether a "REAL deal" with Beijing was possible.

On Wednesday, Trump tweeted that "very strong signals" were being sent by China regarding trade with the United States.

Trump also warned this week of more tariffs if the two sides could not resolve their differences. In fact, the only definite thing to seemingly come out of the summit is the United States vowing to hold off on raising threatened tariffs for 90 days. It was the first official confirmation from China that there's a 90-day window for the talks.

Trump also asserted that Beijing had agreed "to reduce and remove tariffs on cars coming into China from the US", adding that now the tariff is 40 percent. 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.

A Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. The statement did not mention whether Trump discussed tariffs with the automakers.

But when Trump announced broad new USA tariffs on Chinese made goods, the Beijing government raised duties specifically on American made automobiles and parts.

U.S. Secretary of the Treasury Steven Mnuchin told Fox Business on December 4 that China had responded to the meeting with "specific commitments" on agriculture, liquefied natural gas, automobiles, and industrial products, as well as promises on "additional purchases of $1.2 trillion".

Talks during the 90 day period during which President Donald Trump has agreed to suspend US tariff hikes will start by focusing on farm goods, energy and automobiles, said a Ministry of Commerce spokesman, Gao Feng.

Mr Pompeo said in Brussels on Tuesday that the U.S. could abandon some worldwide agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organisation rules.

He later said China had committed to buying large amounts of U.S. agricultural products and completely removing all tariffs on U.S. automobiles, a huge shift from its current 40 per cent penalty. Wang Yi failed to mention industrial policy or Trump's demand that Beijing make progress in changing it or face renewed duty increases.

"Despite a temporary de-escalation of hostilities following the G-20 summit, the relationship between the USA and China will remain contentious", Moody's Investors Service in a report.

Analysts also note that the two countries remain far apart on the sharpest areas of disagreement, which include Beijing's subsidies for strategic Chinese industries, in addition to forced technology transfers and intellectual property theft.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.

Also, China's commerce ministry made no mention of the auto tariff cuts which Mr Trump said earlier this week China had agreed to.

According to Rudd, who is president of the Asia Society Policy Institute, the ceasefire has bought valuable time for both China and the USA, but also the broader global economy to avoid an even more unsafe trade deterioration.

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