China confident of agreeing United States trade deal despite Trump's combative stance

Clay Curtis
December 6, 2018

It did not give further details but it crucially did not contradict the USA president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.

This year, the Trump administration instigated a trade war on Beijing, imposing tariffs on a total of $250bn of Chinese imports.

The economic agreement US President Donald Trump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unravelling on Tuesday, with the White House threatening new penalties against Beijing and multiple officials seeking to downplay expectations for an eventual deal.

But concerns linger over discrepancies in information coming from either side.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between the two sides' accounts of what the deal entails.

U.S. President Donald Trump takes part in a welcoming ceremony with China's President Xi Jinping in Beijing on November 9, 2017.

In his tweets on Wednesday, the United States president also cited a pledge from his Chinese counterpart, Xi Jinping, to crack down on illicit exports of the powerful opioid fentanyl to the US.

"If it is, we will get it done", Mr Trump said in a Twitter post. "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he added.

According to the White House, China has agreed to buy a "very substantial" amount of agricultural, energy, industrial and other products from the United States to reduce a yawning trade gap, as well as to negotiate over Washington's assertions that Beijing steals American technology.

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And before we get a glimpse of the trailer of the film, the makers chose to release the look Yami will be donning in the film. Paresh Rawal , who essays the role of National Security Advisor, is seen advising a surgical strike to his seniors.

"China does not want Tariffs!"

Mr. Trump said this week that China agreed in talks to eliminate vehicle tariffs of 40 percent, which would be a boon to foreign automakers.

Mr Trump said this week on Twitter that Beijing had agreed to "reduce and remove" tariffs the 40% tariffs it places on U.S. cars.

"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", JPMorgan Chase said in a trading note. The plunge came hours before the Chinese Commerce Ministry said that it was confident it can reach a trade deal with the U.S as the countries continue to dispute tariffs placed on one another's goods. Ben Sasse, Nebraska Republican, tweeted in response to Mr. Trump's message dubbing himself Tariff Man.

After describing the agreement made between China and the United States 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. Fentanyl, mixed in with heroin, has caused a spike in drug overdoses in the U.S.

Lacking that, we may need a hero to stand against the threat of Tariff Man.

But the USA leader kept up the threats as he warned that he was ready to make China "pay for the privilege" of selling in the USA market if the negotiations fail.

Trump and Xi said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought to resolve their trade disputes that have seen the flow of hundreds of billions of dollars worth of goods disrupted by tariffs.

Adding to skepticism of the deal were reports that Trump has chosen trade hawk Robert Lighthizer to head negotiations with Beijing. Ultimately, I believe, we will be making a deal - either now or into the future. Many companies have already switched their purchases from China to another country to avoid the potential 25 per cent tariff.

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