Published: Wed, December 05, 2018
People | By Leon Thompson

Trump says China agrees to ‘reduce and remove’ tariffs on United States cars

Trump says China agrees to ‘reduce and remove’ tariffs on United States cars

Contrast that with the USA statement, which focused more narrowly on the truce's benefits for its side. Done. Tinker with technology tactics that irk Washington and other trading partners?

Trump agreed to postpone the raising of tariffs on goods from China worth USA $200 billion from 10 percent to 25 percent, which had been scheduled for January 1. If negotiations fail, Trump says he will impose the tariff increase.

Still, Beijing gave no sign of a changed stance on technology ambitions that Washington says violate Chinese market-opening obligations and might threaten USA industrial leadership.

For Beijing-based political consultant Hua Po, "this was a rare opportunity for China" to capitalize on what they saw as Trump's compromised position after the midterms. How willing will China be to allow global access to its huge market, and how threatened do their home companies feel by American trade tariffs?

China has agreed to "reduce and remove" tariffs below the 40 percent level now in place on US-made vehicles, US President Donald Trump has said, after the two countries agreed a trade war ceasefire. "On standard trade issues, this is where we were weeks ago", Derek Scissors, a China scholar at the American Enterprise Institute and sometimes adviser to the administration, told the Washington Post.

Xi avoids further immediate pressure on China's slowing economy, while Trump - scarred by last month's midterm elections that saw the Democrats regain control of the House of Representatives - can ease damage to agricultural U.S. states that export to China, particularly soybean producers. "Very good things will happen".

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Also, Beijing has neither echoed nor rebutted Trump's claim about China agreeing to "reduce and remove" tariffs on American vehicles. Asked if there was a specific agreement to remove the tariffs, he said: "Yes, there was".

The White House made clear that the 10 percent tariffs would still leap up to 25 percent if China doesn't meet United States demands in 90 days.

The US president did not send any subsequent tweets Sunday explaining which auto tariffs would be removed, and which would be reduced.

"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said. He said both leaders had extended invitations to visit their respective countries and said he expects them to meet in the "near future". The Dow celebrated by rising hundreds of points.

But the language used in the Trump administration's announcement of the deal was very different to that in Chinese government statements, especially on Beijing's promises to buy more United States goods and the possibility of removing existing tariffs. But both leaders face a mix of economic nationalists, free trade advocates and other conflicting forces at home. By midyear, soybean exports to China were down by 20.5%, according to CNBC. Washington instead chose to see Beijing's argument that it already is making changes "in a more positive light". But the highly anticipated talks in Buenos Aires have produced a welcome consensus that the two sides will work on ways to resolve their differences.

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