China-US trade: China vows speedy action on trade commitments

China-US trade: China vows speedy action on trade commitments

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.

If the stock market continues to slide and prospects of a deal with China prove fleeting, Congress may finally be motivated to take action against Trump's unilateral power to set trade policy.

What's more, it only took a few days before Trump he began threatening Beijing again. For its part, China has slapped tariffs on $110bn of USA imports. -China trade cease-fire, contributing to a broad stock market plunge and intensifying fears of a global economic slowdown.

The mood has quickly soured, however, on skepticism that the two sides can reach a substantive deal on a host of highly divisive issues within the 90-day negotiating period.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March.

During the meeting, Trump agreed to postpone increasing the tariff on $200 billion in Chinese imports to 25 percent, initially planned to go through on January 1.

Pork producers have gone hog wild over the news that the USA and China have struck a trade truce.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, U.S. officials have said.

President Donald Trump, second from right, meets with China's President Xi Jinping, second from left, during their bilateral meeting at the G20 Summit, in Buenos Aires, Argentina on Dec 1.

President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina. But Mnuchin added, "if that's real" - thereby raising some doubt - it would close the USA trade deficit with China, and "we have to have a negotiated agreement and have this on paper".

Earlier Wednesday morning Trump quoted a Bloomberg report that China has begun preparing to restart imports of USA energy and agricultural products.

Facebook wielded user data to reward, punish rivals, emails show
Facebook is accused of using this data to assess "not just how many people had downloaded apps, but how often they used them. The documents were part of a California lawsuit filed by app developer Six4Three.

Klopp sorry for losing it after Merseyside derby victor
I should not be concerned that we struggle to realise that Burnley starts again at 0-0 and we have to fight another 95 minutes. It was the first time in 19 months that Origi scored a competitive goal for Liverpool .

UK's Labour will try to topple May if Brexit deal rejected
Under the backstop, the United Kingdom will be in a customs union with the EU, meaning its trading ability will be limited.

Chinese officials have begun preparing to restart imports of USA soybeans and liquefied natural gas, the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some United States products "immediately".

There has also been confusion on the U.S. side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal.

It described the discussions between Mr Trump and Mr Xi as "successful", adding it was "confident" that their agreement will be implemented "the sooner the better".

A day later, President Trump said on his Twitter that "the negotiations with China have already started" and that the deal will probably happen.

Despite Trump's talk of trade deficits, at the heart of the issue for the USA is how China accesses intellectual property from American companies. "Ultimately, I believe, we will be making a deal - either now or into the future", Trump wrote in a post within minutes of the Commerce Ministry statement. However, it was unclear if this meant China would scrap the retaliatory tariffs on these items-currently at 25 percent for soybeans, and 10 percent for LNG.

"I am not sure, you know, that the objective is a trade agreement".

Global markets on Monday cheered the weekend accord, only to reverse course on Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

Trump on Tuesday said a deal with China would probably happen, before bragging that his imposts on Chinese goods had added billions of dollars to the USA economy.

Though a confirmation of a 90-day time frame is reassuring (though China did not specify when it thinks the clock started ticking), we can still not be sure that Beijing has the same "agreed-upon consensus" in mind as Washington.

Related Articles

  • GOP senators condemn Saudi crown prince for ordering Khashoggi killing

    GOP senators condemn Saudi crown prince for ordering Khashoggi killing

    Graham wrote in the Journal that "it is important for Congress to signal that there is no excuse for recent Saudi behavior". The Senate could take a vote on proceeding to the Yemen resolution next week.
    Chiefs move on after Kareem Hunt's release

    Chiefs move on after Kareem Hunt's release

    Now they want to as well because with all the things the team has going well for them fans say, now's not the time to stop. I could have took responsibility and made the right decision to find a way to de-escalate the whole situation".
    Birth of Meghan Markle's baby may break with major tradition

    Birth of Meghan Markle's baby may break with major tradition

    Melissa Toubati helped to plan the duchess' wedding to Prince Harry during the six months they worked together. The Mirror insider said of Toubati, "Her job was highly pressurized and in the end it became too much".
  • Host Tiger Woods coming last in Bahamas

    Host Tiger Woods coming last in Bahamas

    And with five par 5s and a pair of reachable par 4s at Albany Golf Club, plenty of birdies should be available. He was 4 over for the round after two holes, got it back to even par at the turn and had to settle for a 72.
    New York Giants: 3 things we learned in win over Chicago Bears

    New York Giants: 3 things we learned in win over Chicago Bears

    Yeah, it's only two pass attempts, but that's still pretty darn impressive. Bears: Host Rams on Sunday night in matchup of division leaders.
    Highest-Paid YouTube Star Is 7 Years Old

    Highest-Paid YouTube Star Is 7 Years Old

    As he is still a child, 15% of Ryan's earnings are put into a bank account that he can only access when he becomes a legal adult. One video alone, titled "HUGE EGGS Surprise Toys Challenge with Inflatable water slide " has amassed 1.6 billion views .
  • The nation honors George H.W. Bush

    The nation honors George H.W. Bush

    State funerals are traditionally held for current or former presidents and other officials designated by the president. The picture was posted on Twitter by Bush family spokesman Jim McGrath, along with the caption: "Mission complete".
    Rudy Giuliani claims his Twitter account was invaded

    Rudy Giuliani claims his Twitter account was invaded

    He then created a page with a simple message, which anyone who clicked on Giuliani's accidental link would see: " Donald J. A Twitter spokesman said "the accusation that we're artificially injecting something into a tweet is completely false".
    Trump, Xi chew over trade war at high-stakes dinner

    Trump, Xi chew over trade war at high-stakes dinner

    He said under the deal China would buy a "tremendous amount of agricultural and other product" from the United States. He said the meeting with Trump was a "representation of our personal friendship".
  • George H.W. Bush lies in state at U.S. Capitol

    George H.W. Bush lies in state at U.S. Capitol

    Bush in a segment that exemplified the network's willingness to criticize the president for ratings and not for his actions. Trump then saluted Bush, a gesture belying the history of antipathy between the Republican president and the Bush family.
    US takes aim at China, Iran, Russia over treaty violations

    US takes aim at China, Iran, Russia over treaty violations

    Insisting it would only use missiles for defensive purposes, Iran has repeatedly rejected negotiations over its missile program. The Trump White House officially withdrew from the pact, known as the Joint Comprehensive Plan of Action, in May.
    Know your HIV status, Agency urges Nigerians

    Know your HIV status, Agency urges Nigerians

    According to her, 70 million people had been infected of HIV, and 35 million have died of the infection since discovery in 1983. More people living with HIV are now receiving treatment that is allowing them to live longer, healthier lives.