US, China put brakes on trade dispute with cease-fire

04 December, 2018, 00:40 | Author: Dave Hampton
  • Reuters  Kevin Lamarque

This isn't a kind of cash-for-products deal.

People stand by an electronic stock board of a securities firm in Tokyo, Monday, Dec. 3, 2018.

President Donald Trump announced that China will lower or eliminate their tariffs on USA vehicle imports.

United States markets initially gained more than 1% on Monday, but the enthusiasm dimmed a bit later, as it remained unclear how the two countries will resolve their underlying differences.

Trump, as often in his diplomatic dealings, appears to consider his personal chemistry with Xi the most important factor in the success of the negotiations. China hopes that such opening will help address US concerns on technology transfer and IP protection.

The US and China have been embroiled in a trade war this year which has seen the US hit China with tariffs on $250bn (£195.9bn) worth of goods since July, and China retaliate with duties on some $110bn of US goods over the same period.

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Chinese regulators did not respond to requests for comment on what would be a potential boon for automakers including Tesla Inc and BMW which manufacture in the United States for export to China.

Amid the trade tensions, China has sharply curtailed its purchases of USA soybeans and other produce, dealing a significant blow to farmers, a major support base for Trump.

"Farmers will be a very BIG and FAST beneficiary of our deal with China". The fact that China made no mention of agriculture in its statement after the meeting may also increase trader concerns over whether these purchases will materialize.

The tariffs were also imposed to try and force China to make changes to their economic practices, specifically the theft of United States intellectual property.

Late Saturday, Russian President Vladimir Putin said after a meeting with Saudi Crown Prince Mohammed Bin Salman that "we have an agreement to extend our deal".

The U.S. president's tweet came a day after he had struck a bargain with Chinese dictator Xi Jinping to put trade hostilities on hold for at least 90-days while the two sides negotiate.

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On Monday, China's ministry of foreign affairs said the Chinese and US presidents had agreed to work towards removing all tariffs.

On economic and trade issues, Xi said that it is very normal that the two countries have some disagreements in the fields of economy and trade, adding that the key is to manage their differences properly and work out a solution acceptable to both sides in the spirit of mutual respect, equality and mutual benefit.

Trump, at his political rallies and news conferences, often praises the increase in USA military spending during his almost two years in the White House. Beijing will no doubt attempt to make good on its pledge to increase purchases of US goods, turning probably to soybeans and potentially energy.

Fresh from the meeting of world leaders at the G20 summit in Buenos Aires, Argentina, Donald Trump tweeted that China had agreed to cut import tariffs on American-made cars.

"If it happens it goes down as one of the largest deals ever made", Trump told reporters on Air Force One during the return trip from the G20 summit in Buenos Aires.

U.S. President Donald Trump and Chinese President Xi Jinping brokered a trade war truce at Saturday's G20 dinner, agreeing to halt additional tariffs with fresh talks aimed at reaching an agreement within 90 days. "It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

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Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

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