Wednesday, 12 December, 2018

Trump tweets China has agreed to reduce, remove tariffs on United States cars

USA and China stopped their war for three months TRADE WAR: Europe and Asia stock markets higher as China and US agree CEASEFIRE
Rhonda Young | 05 December, 2018, 04:28

Stock markets in Asia and Europe jumped sharply after Trump and Xi, as leaders of the world's two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement.

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".

China has agreed to "reduce and remove" tariffs below the 40% level that Beijing is now charging on USA cars, Donald Trump has claimed, amid a trade war truce agreed by the two countries.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated.

Tensions rose in May when the U.S. administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months.

U.S. Trade Representative Robert Lighthizer said last week he was examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent that China was charging on U.S. -produced vehicles.

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About two dozen migrants climbed over the border wall separating Mexico from the U.S. near Tijuana on Monday. So its direct representation of why we need that improved infrastructure at the border'.

"China has agreed to reduce and remove tariffs on cars coming into China from the US". However, tariffs on US$200 billion worth of goods were previously set to increase from 10 percent to 25 percent from January 1, 2019.

The trade war has seen the U.S. and China hit each other with escalating tariffs in an attempt to make their domestically made goods more competitive. "It is my great honour to be working with President Xi".

In a series of tweets Monday, the president said his meeting with President Xi Jinping was an extraordinary one. With little progress made after a year, Trump was planning to hike his tariffs to 25 percent - and maybe even impose tariffs on the remaining $267 billion that China exports to American shores.

Chinese news outlets also claimed both sides plan to eliminate all tariffs, which doesn't appear in the USA statement.

The US and China have been locked in a bitter trade war for several months with the two economic powerhouses sparring in a tit-for-tat slapping of sanctions on each other. The confusion was exacerbated by the absence of a joint statement from the USA and China following the dinner.

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

Luka Modric wins Ballon d'Or
It's a huge step for women's football", Hegerberg said. "I was just happy to do the dance and win the Ballon d'Or to be honest". Ronaldo was a distant second, with France and Atletico Madrid striker Antoine Griezmann completing the podium.

The US also wants Beijing to rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion (£283 billion) US goods trade surplus.

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

U.S. markets initially gained more than 1% on Monday, but the enthusiasm dimmed a bit later, as it remained unclear how the two countries will resolve their underlying differences.

"As far as we can tell, there are big discrepancies between both sides' statements", he said in a research note.

Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet. China imported 280,208 vehicles, or 10 per cent of total imported cars, from the USA last year, according to China's Passenger Car Association.

White House corrects top aide on China negotiations timeline
China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start. These had been scheduled to increase to 25 percent on January 1 but were postponed as part of the weekend agreement.

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