China agreed to "reduce and remove" tariffs on cars

05 December, 2018, 11:13 | Author: Carlos George
  • CHINE NOUVELLE  SIPA  Newscom

China will roll back tariffs on US-made cars, US President Donald Trump said, unveiling another potential breakthrough in a trade war truce that cheered stock markets on Monday.

Mr. Trump's tweet on the apparent deal on auto tariffs came a day after the White House said he and Chinese President Xi Jinping had agreed to a truce in the ongoing trade war, and Mr. Trump agreed not to raise us tariffs on Chinese goods any further for several months.

Trump and Xi Jinping agreed Saturday to a 90-day halt in their trade war to allow for negotiations on a host of trade issues. "China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently", it said in its editorial. But it later added a 25 percent tariff on US-made cars as trade tensions soared, bringing them to 40 percent.

A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions.

According to a statement from the White House, China will purchase a "very substantial" amount of agricultural, energy, industrial, and other products to reduce the bilateral trade imbalance.

"Trump's latest tweets this morning, which touted the benefits of the agreement for USA farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

However, while the agreement provides breathing room for the US and China - and the global trading system as a whole - a final resolution to the US-China trade war remains far from certain. The two leaders, who were in Buenos Aires for a summit of the G20 countries, called it a highly successful meeting.

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"If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%", the White House statement said.

Business groups have welcomed those changes but say they don't address more important complaints about a thicket of rules limiting access to China's finance, logistics and other industries.

The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them.

Regarding the impact on agriculture, Trump claimed Chinese purchases would immediately make farmers "a very BIG and FAST beneficiary", although there is no agreement yet on agricultural issues.

China's statement also placed greater emphasis on economic cooperation and restoring diplomatic relations, the kind of high-minded talk that for decades has been more typical of American presidents. China gets a delay on additional tariffs, while the US gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy.

"This is probably the best case scenario that markets were hoping for", Rakuten Securities Australia, a brokerage based in Sydney, stated in a note.

According to the US President, his relationship with Xi is "very special". Will President Xi be willing to encourage United States technology firms to set up and access similar benefits to Chinese firms, which could possibly threaten the 2025 vision? Mr. Trump had warned that a disappointing outcome could prompt more USA tariffs.

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