Trade Talks with China Are Underway

05 December, 2018, 04:32 | Author: Kevin Carter
  • President Donald Trump declared himself

According to Trump, . he and President Xi are "the only two people that can bring about massive and very positive change, on trade and far beyond",. adding a solution for North Korea would also be a great thing for China and the rest of the world.

But Mnuchin said, "I think there's no question the president's tariff strategy has worked. It will always be the best way to max out our economic power", he said.

"The negotiations with China have already started".

Both countries had been locked into a trade war for much of the year, until Trump and Chinese President Xi Jinping agreed over the weekend to suspend new tariffs and re-enter talks.

While Trump hails tariffs as money-makers, critics note that tariffs are mostly paid for by U.S. consumers as the costs of Chinese imports rises.

"I will be very surprised - it could happen - I'll be very surprised if China reduces its tariffs on autos from all sources and all descriptions to zero percent", he said. Even if that happens, there's no guarantee it would reduce the US$336 billion USA trade deficit with the Asian nation, as Mr Trump hopes to do.

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 has long accused China of unfair trade practices that hurt Americans and the United States economy. 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.

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But China is showing little indication it would accept a major overhaul of its state-driven system, a move that economists say would be necessary to even out the trade imbalance that Mr Trump scorns.

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The White House's official statement says nothing of the sort; it only says the USA will hold negotiations with China on the latter's "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture".

"They can not slow walk this", Kudlow said.

Senior Chinese officials did not mention this deal in a news conference.

"If it is we will get it done".

The United States said Monday it will need to see "something concrete" from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two powerhouses. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.

US President Donald Trump has held out the possibility of an extension of the 90-day trade truce with China but made clear he would revert to tariffs if the two sides could not resolve their differences.

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

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

Trump said that US Trade Representative Robert Lighthizer would spearhead talks as part of a framework agreement that was announced following the bilateral dinner meeting held at the Group of Twenty summit on Saturday, The Wall Street Journal reported, citing sources familiar with the matter.

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