Beijing Makes ‘Specific Commitments’ on US-China Trade Deal
06 December, 2018, 16:30 | Author: Myra Gill
Treasury Secretary Steven T. Mnuchin said on Fox News thatChina would face "tariffs without reciprocal tariffs attacking us" if Beijing doesn't meet certain commitments made at last week's Group of 20 summit. The White House has already put $250 billion in duties on Chinese goods, promising tariffs on a separate $267 billion if Beijing does not change its practices.
But concerns linger over discrepancies in information coming from either side.
The economic agreementTrump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unravelling by Tuesday.
White House economic adviser Larry Kudlow said on Tuesday that a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track.
President Donald Trump is expressing optimism that China will to push forward with a cease fire on trade as tensions between Washington and Beijing escalates.
He wrote on Twitter yesterday: "President Xi and I want this deal to happen, and it probably will".
"If it is, we will get it done", Mr Trump said in a Twitter post.
"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", he said.
In return for the postponement in the higher United States tariffs, China agreed to step up its purchases of U.S. farm, energy and industrial goods, the White House said.
However, there are some discrepancies in what the USA is saying and what was in the brief statement from Chinese officials.
German automakers said after the meeting they told Trump they planned to boost USA investments, but warned they would be unable to do so if the administration imposed new tariffs.
China's ministry of foreign affairs said Monday the Chinese and USA president had agreed to work toward removing all tariffs.
Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on US autos.
"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", JPMorgan Chase said in a trading note.
Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on USA autos.
"There are strong views in Japan that if China is honest about rapprochement with Japan, while respecting relevant World Trade Organisation rules based on scientific evidence, China should significantly speed up the process towards lifting the restrictions against Japanese goods and products", the source said. Leaders of the European Unionhave signaled they would echo the response of China, saddling US -made vehicles with new tariffs in response.
"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.
Abe was the first foreign leader to meet Trump, flying to NY to see the new American president after his win at the 2016 election.
So just days before the high-stakes meeting with Trump, Beijing made a small goodwill gesture to Tokyo by lifting its import ban on rice from the Japanese prefecture of Niigata, one of 10 areas covered by a sweeping food ban in the aftermath of the 2011 Fukushima nuclear disaster. Seven of the top 10 auto models manufactured in the US and exported to China a year ago were made by BMW and Mercedes-Benz.
The Trump administration has imposed tariffs on Chinese... "But if not remember, I am a Tariff man". Many companies have already switched their purchases from China to another country to avoid the potential 25 per cent tariff.
In other developments: • Senator Grace Poe on Tuesday brushed aside Duterte's statement that he uses marijuana to keep awake. Still, many more defended Duterte, noting that he has never opposed marijuana and even suggested legalizing it at one point.
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The likeliest outcome would appear to be Wilder-Fury II in a Las Vegas casino, also in the coming spring. If everything is in the paper, I have no desire to discuss anything, and let him go fight who he wants.
The OPEC meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. However, when oil producers realized the sanctions fell far short of what had been expected, fears of oversupply followed.
Weaker global oil prices and domestic food prices are expected to drag the headline inflation rate below projections. The six-member monetary policy committee (MPC) voted unanimously to keep the policy rate unchanged at 6.5%.
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