'Tariff Man' Trump Says He May Extend Truce in China Trade War

'Tariff Man' Trump Says He May Extend Truce in China Trade War

'Tariff Man' Trump Says He May Extend Truce in China Trade War

Presidents Trump and Xi of China met at the G-20 summit over the weekend and agreed to a cease-fire, lasting for at least 90 days, to allow time to smooth out a dispute over Chinese technology policies that the USA and other trading partners consider predatory. Failure would raise the spectre of fresh United States tariff moves and potential Chinese retaliation as early as March.

China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the US, she said. The statement did not mention Trump or Xi, however the state news agency Xinhua later said the ministry statement was hailing their meeting.

In the latest Trump-China trade war news, the POTUS has been in talks with China President Xi Jinping to discuss the reduction or elimination of some import tariffs that each president has imposed on the other president's country.

USA soybean farmers took a significant hit from the trade war after China imposed a 25% tariff on the agricultural product in retaliation for US tariffs on $200 billion of Chinese imports.

President Donald Trump threatened Tuesday to slap more tariffs on China if efforts to strike a trade deal with Beijing crumble.

A Chinese official told the Reuters news agency officials were "waiting for the leaders to return" before publicising details. China's government has been slow to formulate its response to the summit as senior officials were still out of the country with Xi, Bloomberg News reported.

Kudlow told reporters that while there was no agreement on the final level for tariffs on USA autos "I expect those tariffs to go to zero".

Between the U.S. and China there is a commercial truce. The paper's editor-in-chief, Hu Xijin, also tweeted and posted on Weibo that it was just a truce, and that tariffs would still be levied if there was no lasting deal.

USA liquefied natural gas was also absent from China's shopping list in October, following Beijing's move in September to impose a retaliatory 10 per cent tariff on U.S. supplies.

The president added: "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". Ultimately, I believe, we will be making a deal - either now or into the future.

The 90-day timetable started Saturday and will stave off a round of tariffs on Beijing that were scheduled to go into effect on January 1, the White House said on Monday.

While China had lowered its general tariff rate for imported cars to 15 percent from 25 percent this year, it had slapped on a 25 percent punitive tariff on American-made vehicles, bringing the rate back up to 40 percent.

The long-running dispute between the world's two largest economies has rattled investors for months, stoking traders' fears that it could begin dragging down corporate profits and weighing on global economic growth.

Trump "shared his vision of all automakers producing in the United States and creating a more friendly business environment", the White House said in a statement.

White House trade adviser Peter Navarro on the trade truce between the US and China.

His appointment of Lighthizer to lead the talks instead of Treasury Secretary Mnuchin puts one of the administration's toughest China critics in charge.

"The actual amount of concrete progress made at this meeting appears to have been quite limited", Alec Phillips and other economists at Goldman Sachs wrote in a research note.

The spokesperson did not say specifically what would be included in the agreement, but noted that specifics issues that have reached consensus will be first and foremost.

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