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Wall Street sinks on worries over slowing growth, trade truce outcome

05 December, 2018, 04:29 | Author: Shawna Walton
  • I am a tariff man’ Trump warns China against raiding ‘great wealth’ of US as trade talks start

The US president later said in a tweet that Beijing had "agreed to reduce and remove tariffs on cars coming into China from the US".

After describing the agreement made between China and the USA during the G-20 summit in Argentina over the weekend as "an incredible deal" and "one of the largest deals ever made", Donald Trump has done an unsurprising 180 after apparently finally appearing to catch up with reality.

He said the United States should look into a rule that would bar imports of Chinese products that used stolen US intellectual property. "I wouldn't read a lot into that myself", said Kudlow, speaking at the Wall Street Journal's CEO Council's annual conference in Washington.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former United States government official who has been in contact with them.

The president tweeted directly to US farmers, some of whom have suffered as a result of Chinese counter-tariffs, to say "Farmers, I LOVE YOU!" The Trump administration has thus far applied tariffs to $253 billion worth of Chinese goods, and has threatened to apply 25 percent tariffs to another $267 billion worth of Chinese merchandise if this round of talks are unsuccessful.

Mnuchin, in an interview with CNBC on Monday, put a $1.2 trillion price tag on China's additional trade commitments, but emphasized the details of how they get there still need to be negotiated. The Chinese have not acknowledged a 90-day deadline for the talks or said that they plan to "immediately" increase purchases of USA farm goods.

The announcement came as part of a 90-day halt in which the president will delay a scheduled tariff increase on China, Fox News noted. President Trump even reminded his Twitter followers Tuesday morning: "I am a Tariff Man".

There was reportedly no document signed by the two sides following their meeting in Argentina.

Trump has long accused China of unfair trade practices that hurt Americans and the USA economy.

That approach so far has amounted to slapping tariffs on US$250 billion (NZ$361 billion) of Chinese imports and vowing to impose penalties on all other imports if China doesn't make changes.

On Monday, Kudlow said there was an "assumption" that China would eliminate auto tariffs, not a specific agreement.

Global stocks slumped on Tuesday (Dec 4) as investors grew sceptical that the USA and China made a meaningful breakthrough on Saturday.

What is mentioned by both sides is China's agreement to more strongly control the trade in the opioid Fentanyl.

Otherwise, China - which has been incredibly protective of its own domestic auto industry, and probably doesn't want competition from other countries - could create a special tariff line in its itemized tariff system, meaning it would invent a new line that would only specifically apply to autos produced in the U.S. Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.

However, there are differences in both countries' official accounts of what was agreed.

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