techkenyot.com
techkenyot.com January 15, 2019


China vows quick action on USA trade promises: 'The sooner the better'

06 December 2018, 04:30 | Glen Norman

DEVELOPING: US-China trade uncertainty fuels market plunge

China and the Unite States agreed to a ceasefire in their bitter trade war on Dec 1 2018 after high-stakes talks in Argentina between Chinese President Xi Jinping and his US counterpart Donald Trump

The White House and Beijing have essentially reached an agreement to pause the trade war for 90 days while the two sides try to reach a formal trade deal.

The Chinese have not acknowledged a 90-day deadline for the talks or said that they plan to "immediately" increase purchases of United States farm goods.

Mr Trump said his team of trade advisers, led by China trade hawk and USA trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible. Mr Trump said Chinese officials had been sending "strong signals" since they "returned from their long trip [to the G20 in Buenos Aires]".

As a gesture of goodwill, Trump told Xi during their meeting he would hold off on raising tariffs from 10 to 25 percent on $200 billion worth of Chinese goods that would have taken effect on January 1. "But if not remember, I am a Tariff man".

Hours later, Bloomberg News reported that officials have begun preparing to restart imports of U.S. soybeans and liquefied natural gas -the first sign confirming the claims of Trump and the White House that China had agreed to start buying some United States products "immediately".

The impact is actually less than that being felt in some other sectors of the US economy, such as agriculture, but it is still a hit to the auto industry which shipped about 250,000 vehicles to China past year.

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Chinese officials have said they are "confident in implementing" trade commitments made to the U.S. "as soon as possible", without giving details. In return, China agreed to buy more USA goods in an effort to reduce the trade deficit, which Trump often fixates on.

The US expects China to take immediate action to cut tariffs on US vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Kudlow, director of the White House National Economic Council, said Monday.

White House national security adviser John Bolton, who also attended the Saturday meeting, said the verdict was still out on what China would ultimately do.

"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".

Trump, in a post on Twitter, linked Beijing's silence to officials' travels and said he thought Xi had been honest during their weekend meeting to hammer out progress over trade.

Instead, the two sides are to negotiate over U.S. complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology.

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Kudlow called Lighthizer the "best trade negotiator in the business" and expressed confidence that he would keep China on track with its commitments. This fundamental misunderstanding of economics, combined with his reckless announcement of the detente that wasn't, scared investors and continues to undermine his administration's efforts at reaching a real trade deal with China.

That approach so far has amounted to slapping tariffs on US$250 billion (NZ$361 billion) of Chinese imports and vowing to impose penalties on all other imports if China doesn't make changes.

President Donald Trump met Tuesday with executives from Germany's big automakers amid U.S. General Motors, which not only exports some models to China but also imports the Chinese-made Envision SUV, fell 5 percent to $36.52 a share.

"You should talk to him", replied Abe, encouraging Xi to engage in direct conversations with Trump, knowing that he respects the Chinese leader.

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

One of the few automotive stocks to score a gain on Tuesday was Tesla which only recently began work on a new factory in Shanghai that eventually will let it sidestep the tariff battle.

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Steven Mnuchin, the Treasury secretary, said that China had agreed to buy US$1.2 trillion of American products, but he could not offer specifics. The Dow finished the day just a hair over 25,000 points-meaning that the stock market has been basically flat since March 1, when Trump announced the first round of tariffs and the Dow was sitting at 24,600 points.



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