Trump and Xi agreement buys time in trade war

Dec 06, 2018, 00:31
Trump and Xi agreement buys time in trade war

And just days ahead of Trump's planned meeting with Xi at the G20 summit, the USA president vowed to put tariffs on all remaining imports from China if the two sides failed to reach a deal, according to The Wall Street Journal. USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

Beijing and Washington are now locked in a trade war, after Trump began imposing tariffs on Chinese goods for violating intellectual property rights, also accusing the Asian nation of unfair trade practices amounting to a $375 billion USA trade deficit with China.

One expert said China would have to address U.S. complaints about China's forced transfer of intellectual property rights - a major issue at the core of a USA "301" trade investigation - for Washington to drop its tariffs. But for U.S. cars, China added a 25 per cent tariff over the summer, making the rate 40 per cent.

Trump's tweet comes after he and Chinese President Xi Jinping agreed on Saturday to hold off on further tariffs in the trade war between the two countries for the time being. Trump's administration will postpone another tariff increase scheduled for January 1, 2019, Reuters reports, while Chinese president Xi Jinping has agreed to once again source farm and energy products from the United States. "Currently, the tariff is 40 per cent".

The U.S. imposes a 27.5-percent tax on imported cars and light trucks from China. China also will make fentanyl, a deadly synthetic opioid, a controlled substance, the White House said.

U.S. Senate sends rebuke to Saudis, Trump over Khashoggi murder
Mattis said pulling back US military support in Yemen and stopping weapons sales to important partners would be misguided. Regarding his decision to vote for the legislation on Wednesday, Graham said: "I changed my mind because I'm pissed".

That's precisely why China's statement highlighted Trump's apparent commitment to continue respecting the so-called one China policy - something not mentioned by the Americans.

The increases come after the USA and China said they had agreed to not increase tariffs for 90 days to allow for talks.

He said for the first time there was "a clear path" to reduce the United States trade deficit with China to zero.

"It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation", the daily said.

Although the USA and China agreed to halt the trade war, it wasn't immediately clear whether they had made any progress on the issues that caused it. "What I'd be doing is holding back on tariffs".

Senators sue Trump over appointment of justice chief Whitaker
Miller's team argued to the court the designation of Whitaker as Acting Attorney General "has no effect on this case". It is the most high-profile litigation so far to be brought challenging Whitaker's appointment.

In case of failure of negotiations, Washington will raise taxes $200 billion of China's exports, equivalent to nearly half of all shipments China to US, from 10% to 25%.

Further, the read-out stated that Trump and Xi have 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".

Trump announced the deal in a two-sentence Twitter post late Sunday.

The US trade deficit with China was $335 billion past year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.

The United States said Saturday that it agreed in a long-awaited summit with China to suspend new tariffs for 90 days as the two powers seek to end a trade war.

YouTube now offers free, ad-supported streaming Hollywood movies
Maybe you're familiar with this scenario: you really want to see a certain movie, but it's not streaming anywhere online. Walmart's streaming service Vudu, as well as Tubi, offer their own selection of free films.

What happens if there's no deal after 90 days?

loading...
loading...
YOU MIGHT ALSO LIKE
  • Caravan migrants declare hunger strike to pressure US

    Caravan migrants declare hunger strike to pressure US

    None of the 42 migrants arrested in Sunday's clash at the US-Mexico border will be criminally charged. Hundreds of people marched toward the San Ysidro crossing where they were stopped by Mexican police.
    Donald Trump Hopeful of G20 U.S.-China Trade Deal

    Donald Trump Hopeful of G20 U.S.-China Trade Deal

    According to Reuters , audio caught bin Salman telling Macron not to worry to which Macron replied, "I am anxious ". The president "will know through facts and instinct how to handle this", Kudlow told reporters earlier in the week.
    McCann returns to Braves on one-year deal

    McCann returns to Braves on one-year deal

    General manager Alex Anthopoulos attended the news conference for McCann but did not comment on the signing of Donaldson. Donaldson, meanwhile, gets a nice chunk of change and a chance to do it again, this time on a legitimate contender.
  • Former FBI director James Comey is subpoenaed to testify about 2016 election

    Former FBI director James Comey is subpoenaed to testify about 2016 election

    Jerrold Nadler, N.Y., admonished panel Republicans for issuing them "out of the blue, with very little time left on the calendar". Last week, when Democrats were warned that Comey and Lynch would likely be subpoenaed, Judiciary panel ranking Democrat, Rep.
    Dec Dancing On 'I'm A Celeb' Has Made People's Night

    Dec Dancing On 'I'm A Celeb' Has Made People's Night

    Holly continued: "And I'll be meeting a man who saves hundreds of pounds a year by wearing children's clothes". "Stop, stop, stop. Holly Willoughby left fans in hysterics last night with her reaction throughout Emily Atack's bushtucker trial.
    Barcelona midfielder Ivan Rakitic has 'enormous respect' for Gareth Southgate's side

    Barcelona midfielder Ivan Rakitic has 'enormous respect' for Gareth Southgate's side

    Sports Mole looks at how England could line up for their winner-takes-all UEFA Nations League showdown with Croatia at Wembley. I think there's been periods in both of those matches where each team has the upper hand.
  • Microsoft's stock market value catches up with Apple

    Microsoft's stock market value catches up with Apple

    Microsoft surpassed Apple as the most valuable company in the U.S. , reaching a market capitalization of about $814 billion. Apple has slid amid growing concerns the company is seeing weak demand for iPhones , by far its biggest product line.
    9 killed, dozens injured in Aleppo Chlorine attack

    9 killed, dozens injured in Aleppo Chlorine attack

    The United States (US) launched a series of strikes on Syrian government sites in retaliation for the attack in Khan Sheikhoun. State TV interviewed doctors in a hospital who said most people were suffering from breathing problems and blurred vision.
    How Pelosi battle reflects Democratic frustration over leadership 'bottleneck'

    How Pelosi battle reflects Democratic frustration over leadership 'bottleneck'

    Marcia Fudge of OH has said she is considering entering the race. "Would-be challengers are keenly aware of the enormous power Ms. Two of them, Anthony Brindisi in NY and Ben McAdams in Utah, are in races that have not yet been called by The Associated Press.
  • Mars landing today: What time is NASA Insight landing today?

    Mars landing today: What time is NASA Insight landing today?

    Confirmation will be made through monitoring of InSight's radio signals by a variety of spacecraft and Earth-based telescopes. NASA will use radio telescopes in Green Bank, West Virginia and also in Germany to listen out for radio signals from InSight.
    UKs May sees no alternative to her Brexit plan

    UKs May sees no alternative to her Brexit plan

    Particularly, the alternative proposals on the issue to the Irish-Northern Irish border would not solve the Problem, said May. But winning a leadership vote could strengthen her position, because the rules say she can't be challenged again for a year.
    Rooney played the last match in England

    Rooney played the last match in England

    Jesse Lingard's stunner and Trent Alexander-Arnold's first worldwide goal already had England 2-0 up by the time Rooney entered the fray.
popular