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

US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

Global markets cheered the weekend accord on Monday, only to reverse course Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on.

The commerce ministry said China-US trade and economic discussions were "very successful".

That gives the president 24 hours to fix the damage inflected when the market plunged nearly 800 points on Tuesday after a series of tweets from Trump suggested a trade war with China could resume next year.

'Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina.

On Wednesday, the Global Times tabloid, which is run by the Chinese Communist Party's main newspaper, said myriad statements from the Trump administration about the deal - including the agreement that China would buy $1.2 trillion in additional US goods - were created to highlight or even exaggerate facets of the deal that benefited the United States.

The US President sowed more confusion as he opened the door to lengthier negotiations with China, suggesting that they could extend beyond a 90-day deadline to reach an agreement to avoid a massive tariff increase.

Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, chief economic adviser Larry Kudlow and other administration officials were meeting individually with executives from each of the three automakers.

"Free trade has made the success story of BMW in the United States possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg a year ago were exported to more than 120 countries.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on USA autos.

-China trade war, only to fall sharply on Tuesday as presidential tweets and contradictory messages from senior administration officials indicated that the "deal" might be less firm than previously thought.

China pledged to buy more from the United States and the White House said the two sides would negotiate "structural changes" to thorny issues plaguing relations, but few details and no dollar amounts were disclosed. "But if not remember, I am a Tariff Man", the commander-in-chief wrote about the agreement.

Trump has argued that China for decades has abused global trade rules to lure away United States jobs, steal U.S. intellectual property, subsidise its own companies, and strong-arm USA firms.

"The negotiations with China have already started".

Megan Greene, chief economist at Manulife, said the market's recent decline had likely contributed to Trump's willingness to reach a truce.

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the meeting, and there have been some differences between US and Chinese accounts of what the deal entails. Mnuchin said Monday morning on CNBC that China had offered to buy up to US$1.2 trillion of additional U.S. goods, even while the "details of that still need to be negotiated". The Dow finished the day just a hair over 25,000 points-meaning that the stock market has been basically flat since March 1, when Trump announced the first round of tariffs and the Dow was sitting at 24,600 points. Fentanyl, mixed in with heroin, has caused a spike in drug overdoses in the U.S. "It will always be the best way to max out our economic power", he said.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details.

Also, China's commerce ministry made no mention of the vehicle tariff cuts which Mr Trump said earlier this week China had agreed to.

The White House's press release said that the People's Republic "will agree to purchase a not yet agreed upon but very substantial, amount of agricultural, energy, industrial, and other products".

Notícias recomendadas

  • 'Hazard must make up his own mind' - Chelsea boss

    'Hazard must make up his own mind' - Chelsea boss

    The Belgian is one of the best players in the world, and it will be extremely tough to replace someone of Hazard's quality.
    Captains all set for HSBC Cape Town Sevens

    Captains all set for HSBC Cape Town Sevens

    Argentina, runners-up in Cape Town previous year , will face Spain in Pool B followed by Dubai runners-up US taking on new core team Japan.
    Kurt Busch Confirms Move to Chip Ganassi Racing for 2019 NASCAR Season

    Kurt Busch Confirms Move to Chip Ganassi Racing for 2019 NASCAR Season

    Busch announced this weekend he would be leaving Stewart-Haas Racing after five years with the team. I've always believed he's one of the most talented drivers on this planet.
  • Free public transport being planned in Luxembourg

    Free public transport being planned in Luxembourg

    A recent study cited by The Guardian showed that drivers in the capital spent an average of 33 hours in traffic snarl-ups in 2016. Currently, fares are capped at €2 for anything up to two hours of travel, which covers most journeys in the 2,585 km² nation.
    Celtic Boss Has Held Talks With Top January Target

    Celtic Boss Has Held Talks With Top January Target

    The Dundee manager, Jim McIntyre, praised Kenny Miller after the veteran scored three in a 4-0 win over Hamilton at Dens Park. An Efe Ambrose own goal gifted Saints the lead again but Ryan Porteous responded for Neil Lennon's side with a header.
    Huawei CFO Meng Wanzhou arrested in Canada as U.S.  seeks her extradition

    Huawei CFO Meng Wanzhou arrested in Canada as U.S. seeks her extradition

    For the same reason, Australia's government blocked China's telecom giant Huawei from its 5G mobile network last summer. McLeod says as there is a publication ban in effect and he could not provide any further details.
  • Devin Booker expected to miss more time after aggravating hamstring

    Devin Booker expected to miss more time after aggravating hamstring

    Kyle Kuzma had 23 points and eight rebounds to lead the Los Angeles Lakers past the visiting Phoenix Suns 120-96 yesterday. Booker scored six points on 3-of-8 shooting and dished out two assists in 17 minutes on the court against the Lakers .
    Jokic triple-double carries Nuggets

    Jokic triple-double carries Nuggets

    In Detroit, Steven Adams scored 21 points, Russell Westbrook added 18 and Oklahoma City ended the Pistons' five-game win streak. Toronto's awful three-point shooting continued in the second - Miles connected on the only one of 10 that fell for the Raptors.
    Cuba to begin full internet access for mobile phones

    Cuba to begin full internet access for mobile phones

    Until 2013, internet was largely only available to the public at tourist hotels on the island. Mayra Arevich is president of the Cuban state telecom monopoly.
  • Google confirms Allo will shutdown in March

    Google confirms Allo will shutdown in March

    Allo was designed as the next big thing in Android messaging apps, though it never lived up to its potential. Some users are unable to "heart" posts while others are experiencing issues with undelivered messages.
    Apple finally releases its first official case for iPhone XR

    Apple finally releases its first official case for iPhone XR

    On the surface, a scratch-resistant coating has been applied not only to the exterior, but also to the interior. It doesn't look like the Clear Case has hit physical Apple Stores yet, but we expect that to happen soon.
    The Internet is Freaking Out About Tom Cruise's Motion Smoothing PSA

    The Internet is Freaking Out About Tom Cruise's Motion Smoothing PSA

    Tom Cruise and director Christopher McQuarrie are here to warn movie lovers about a danger they're very likely unaware of. According to BBC, part of the reason is because the actor is lacking when it comes to height.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.