China vows quick action on United States trade promises: 'The sooner the better'

Xi Jingping

China and the U.S. announced a truce in their trade dispute after the meeting between Trump and Chinese President Xi Jinping (習近平) on Saturday, but that quickly descended into confusion, with both sides announcing different statements on what was agreed.

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

The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union. He also claimed China will "start purchasing agricultural product immediately".

Hopes were buoyed when Trump told reporters in Argentina that he had reached an "incredible" deal with Xi, the president following that up with a tweet saying, "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the USA and China failed to reach an agreement to at least postpone that move.

President Donald Trump met Tuesday with executives from Germany's big automakers amid U.S.

China, in turn, agreed to purchase a "substantial amount" of USA agricultural, energy and industrial products, among others, to reduce the trade imbalance between the two countries, according to the White House.

Mr Trump said his team of trade advisers, led by China trade hawk and United States trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible.

He added: "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".

Officials from the US and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments.

He rattled markets on Tuesday, declaring himself "a Tariff Man", signaling he would impose more levies on Chinese exports if the two countries did not reach a trade agreement.

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man".

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 a year ago.

A lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is premature, and if details touted by the White House but left out of Chinese reporting on the agreement are in question.

The S&P 500 lost more than 3 percent on Tuesday, after rallying the day before on the hope of a deal with China.

"We wouldn't be surprised if no agreement can be reached within 90 days, with the higher tariff rate coming into force only a few months later than originally planned".

"We are now taking in $billions in Tariffs".

"The president has a point", Diess said, saying officials "tried to convince us to invest more into America and we are prepared to do this".

"China's discussed these things with the United States many times down through the years and the results have not been very good", he said.

The president, China's most powerful leader since at least the 1980s, flew from Argentina to Panama for an official visit and on Wednesday was in Portugal.

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