Trump's China auto deal could help these countries

Trump's China auto deal could help these countries

The only actual achievement so far, apart from a commitment to talk, was China's winning of an extension of the window before the proposed increase in the tariffs cuts in, which also pushes back the point at which Trump's threat to impose tariffs on China's remaining $US267 billion of exports to the United States might be imposed.

Kudlow briefed reporters Monday following talks at the Group of 20 summit over the weekend between Trump and Chinese President Xi Jinping.

"I'll call them "commitments" at this point, which are - commitments are not necessarily a trade deal, but it's stuff that they're going to look at and presumably implement", Kudlow told reporters at an official White House briefing that followed TV interviews and informal briefings by him and Mnuchin earlier in the day. Trump jolted auto stocks by announcing a deal had been reached.

Trump tweeted Tuesday morning about negotiations on a trade deal with China and Chinese President Xi Jinping, reiterating that new tariffs could be implemented in addition to existing tariffs if the talks are unsuccessful. The tariff had been previously set at 15%, but was ratcheted it up to 40% as part of a series of retaliatory measures taken by China against the US.

Trump repeated on Tuesday that China had agreed to "start buying agricultural product [s] and more immediately", a commitment that was absent from the Chinese Ministry of Foreign Affairs' statement on Sunday.

Trump and Xi said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought to resolve their trade disputes that have seen the flow of hundreds of billions of dollars worth of goods disrupted by tariffs. Trump said on Tuesday that Lighthizer would work closely with Mnuchin, Kudlow and trade adviser Peter Navarro. "It will always be the best way to max out our economic power", he said.

"I have no assurances" China will change, Kudlow said, speaking at an event hosted by the Wall Street Journal.

What is mentioned by both sides is China's agreement to more strongly control the trade in the opioid Fentanyl.

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Officials in Beijing did not respond to requests for an explanation and neither did the Chinese embassy in Washington.

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of USA tariffs, while US economic growth, though not as robust as a few months ago, is still strong.

"China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial and other product from the United States to reduce the trade imbalance between our two countries", according to the White House statement. USA soybean deliveries to China, for instance, have decreased by 98 percent this year, according to Yahoo Finance.

Asked why the auto tariffs weren't mentioned in statements the USA and China issued after the dinner, Kudlow inexplicably insisted that they were.

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.

Trump said: "What I'd be doing is holding back on tariffs".

Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.

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