Published: Tue, December 04, 2018
Markets | By Otis Pena

Contrasting Chinese, US statements on trade war agreement

Contrasting Chinese, US statements on trade war agreement

While speaking outside of the White House Monday, Mnuchin said there's a specific understanding that the US and China will turn the agreement that the two presidents have made into a real agreement over the next 90-days.He said while some of the areas are going to need to be phased into the deal, a real agreement is on the horizon.

Mnuchin cast the weekend dinner as a breakthrough in the trade standoff with China and said there were "very, very specific" items that the two leaders agreed to have incorporated into a broader agreement that has yet to be finalized.

"I think President Trump's strategy on tariffs were very effective", he stated.

Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, .

Trump addressed one of the concerns by indicating he would not be opposed to extending the 90-day truce.

Unless extended, negotiations will now continue for three months from the date of Trump and Xi's dinner at the G20 summit in Argentina on Saturday.

Treasury Secretary Steven Mnuchin also issued a carefully worded statement, noting that there is an "immediate focus" on reducing auto tariffs but "there's a lot of work to be done over the next 90 days".

The warning comes days after Trump and Chinese President Xi Jinping made a preliminary trade agreement to delay the trade war's escalation.

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. The company started making the X3 SUV in China this year, in addition to the several other models like the 1-, 3- and 5-Series sedans.

In a briefing to reporters, he also said the United States did not yet have a "specific agreement" on auto tariffs.

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White House national security adviser John Bolton told The Wall Street Journal's CEO Council meeting on Tuesday that Chinese theft of United States intellectual property was among the administration's top concerns.

China responded to earlier USA tariffs with retaliatory levies of its own, targeting $110 billion worth of U.S. products, including soybeans and other agricultural products.

The legislation, which had eight Republican cosponsors but was not put to a vote, envisaged using revenue raised by the duties to compensate those harmed by China's actions.

China's tariffs on US soybeans mean they are $60 per tonne more expensive than those from top global supplier Brazil, which is due to begin harvesting a record crop in a few weeks time. But if not remember, I am a Tariff Man", he tweeted on Tuesday. "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. "President Xi laid out for President Trump very clearly what they're prepared to do on these issues, and the issues cover everything from purchasing more goods, which we've always talked about, but more importantly protecting intellectual property, eliminating forced joint ventures, protecting USA technology currency". "Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro on seeing whether or not a REAL deal with China is actually possible".

"Longer-term, China has more to gain from free trade in autos", with local Chinese manufacturers such as Guangzhou Automobile Group Co. and Geely Automobile Holdings Ltd. looking to move overseas, she said.

Soybeans in Chicago led an advance in US agriculture futures after the White House said China had agreed to immediately restart purchasing American farm products as part of a trade truce between the two countries. "MAKE AMERICA RICH AGAIN", he continued.

"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign", Trump said.

Meanwhile, as Trump and White House officials tout the truce, Beijing has said little on a pact that cheered markets but left many questions unanswered.

"He's constantly invoking the stock exchange as a referendum on his presidency", Guajardo said.

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