China vows quick action on U.S. trade promises: 'The sooner the better'

06 December, 2018, 22:05 | Author: Mary Valdez
  • Xi Jingping

"We want to expand our business in the U.S.", Mr. Zetsche said after the meeting.

In addition, according to The Washington Post, Trump's enthusiasm backfired on him following the meeting with the Chinese delegation: the Chinese were both "puzzled and irritated" by the United States president's bravado, the media outlet says, referring to its sources. -European trade tensions focused on vehicle exports and the threat of tariffs. China's crude oil imports from the US had ground to a halt.

The impact is actually less than that being felt in some other sectors of the US economy, such as agriculture, but it is still a hit to the auto industry which shipped about 250,000 vehicles to China previous year.

All three companies present - BMW, Daimler and Volkswagen - already produce cars in the United States. That suggested President Xi Jinping's government sees the trade negotiations as too important to disrupt.

"Responsibility for trade policy negotiations lies with the European Commission", Steffen Seibert, a spokesman for German Chancellor Angela Merkel, told reporters. "And definitely not with the auto companies".

Beijing pledged to import more U.S. products to narrow its massive trade surplus with the USA following the Argentina talks, but it has given few details about what was agreed.

"We...thought Charleston could build cars for China", Volvo's global CEO Hakan Samuelsson told USA Today during an interview at the Los Angeles Auto Show last Wednesday.

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This year, Ford Motor Co.'s Lincoln models have accounted for about half of all exports to China from American automakers.

While at the conclusion of Saturday's working dinner, both the USA and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters. This would spell relief for both General Motors (GM) and Ford, who have recently found themselves in dire straits partly due to the Sino-American tariff war. Ben Sasse, Nebraska Republican, tweeted in response to Mr. Trump's message dubbing himself Tariff Man. Trump and his Chinese counterpart Xi Jingping agreed to the truce on the sidelines of the G20 summit in Argentina.

The Chinese tariff had been 25 percent and, earlier this year, the country was set to roll the tax back to just 15 percent. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in U.S. tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1.

Complicating the challenge, Trump's complaints strike at the heart of China's state-led economic model and its plans to elevate China to political and cultural leadership by creating global champions in robotics and other fields. There's also been confusion just on the United States side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal. Let the negotiations begin.

Trump again claimed Tuesday that more tariffs on China would actually help the U.S. He contended that he has made China "pay for the privilege" of raiding "the great wealth of our Nation". "It will always be the best way to max out our economic power", he said.

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