Trump Holds out Possible Extension on 90-day China Trade Truce
05 December, 2018, 04:29 | Author: Mary Valdez
Global stocks slumped on Tuesday (Dec 4) as investors grew sceptical that the United States and China made a meaningful breakthrough on Saturday.
U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018.
"As soon as investors digested the information from the discussions, they focused on the uncertainties and lack of details", Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada said. China is supposed to start buying agricultural product and more, immediately.
"As far as we can tell, there are big discrepancies between both sides' statements", he said in a research note. As part of that the USA said it had agreed to hold off on raising tariffs January 1 while negotiations took place. China has said little about the detail of the deal and Trump's own description of what was agreed lost some certainty between Saturday and Tuesday. Trump officials are putting pressure on Beijing to tone down its ambitions to lead in emerging industries such as artificial intelligence, a compromise for which Mr Xi has shown no appetite.
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.
"Instead, the clock is now ticking on the 90-day truce".
Even before the dinner, there were preparations under way for Chinese Vice-Premier Liu He to lead a follow-up round of negotiations, possibly this month in Washington.
It is improbable to the point of being inconceivable that China will agree to the United States demands created to thwart its ambition to emerge as the dominant economy in sectors like robotics, artificial intelligence, biotech, aviation and autonomous and electric vehicles.
The unresolved trade conflict with China and slowing economic growth in Europe and Asia has raised concerns about the condition of the global economy heading into 2019.
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While acknowledging it was the right thing to do, the editorial board of the New York Times dropped the hammer on Donald Trump for learning the hard way that trade wars are not "easy to win" - a claim the president made before enacting a wave of disastrous tariffs.
U.S. promises are already unravelling.
China imposed a retaliatory 25 percent tariff on imports of cars from the USA over the summer in response to Trump's own tariffs. After all, US-China detentes have disintegrated before. President Xi Jinping and his most senior officials, including the commerce minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday. -China trade war and a possible economic slowdown.
That gives him a strong political incentive to ensure talks don't fail, as he girds for the next presidential election in 2020.
The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator".
He then referred to his plan for escalating 10% duties on Chinese imports to 25%, tweeting: "Remember I am a Tariff Man".
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