After Dow drops, President Trump seeks to reassure investors on China
07 December, 2018, 00:17 | Author: Darnell Patrick
Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.
"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina", Mr. Trump tweeted.
Trump has agreed to delay a rise in tariffs on China while talks continue.
"China will immediately implement the consensus both sides already reached on agricultural products, energy, autos and other specific items", commerce ministry spokesman Gao Feng said at a regular press briefing.
China and the United States had announced a truce in their trade war after the meeting between Mr Trump and Mr Xi last Saturday, but that quickly descended into confusion, with both sides announcing different statements on what was agreed.
But in setting a short timeline (90 days) for the two sides to negotiate issues that have proved intractable in the past, and by reportedly appointing Lighthizer to lead the talks, Trump gave succor to those in the administration with an understandably jaundiced view of Beijing's past commitments to change its ways.
We are confident in implementation [of the agreement].
He had earlier also indicated that the deadline for an agreement could be extended.
The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.
President Donald Trump met Tuesday with executives from Germany's big automakers amid U.S. China's crude oil imports from the US had ground to a halt.
Then, on Tuesday, Trump seemed to thumb his nose at that White House talking point by dubbing himself "Tariff Man". 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.
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.
It took only two days for the sheen to wear-off Trump's boast China had bowed to his demands.
US Treasury Secretary Steven Mnuchin said markets were in a "wait-and-see" mode. "The market is trying to figure out: "Is there going to be a real deal at the end of 90 days or not?'" Mnuchin told the Wall Street Journal CEO Council".
"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.
China agreed to eliminate the retaliatory tariffs it had placed on United States soybeans, according to the White House, which also said Beijing had agreed to buy an unspecified but "very substantial" amount of agricultural and other products.
Questions began to swirl after China's foreign minister read a statement Saturday in Buenos Aires that said Washington agreed to halt tariff hikes.
The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs.
He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the USA to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.
'People are still very concerned about the trade war, ' Dan Suzuki, portfolio strategist at Richard Bernstein Advisors told CNN.
China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.
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The Trump administration responded with more tariffs targeting Chinese goods, and China replied with more tariffs of its own. The truce between the US and China emerged after a highly anticipated dinner December 1 involving Messrs.
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