White House corrects top aide on China negotiations timeline
White House corrects top aide on China negotiations timeline
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start
04 December, 2018, 22:22
Those remarks were echoed by President Trump himself, . who noted his good personal relationship with his Chinese counterpart Xi Jinping in a tweet on Monday.
Speaking to journalists in a follow-up conference call, economic advisor Larry Kudlow cautioned "we don't yet have a specific agreement on that", though he expects the tariffs to be dropped, according to the Los Angeles Times.
However, there are differences in both countries' official accounts of what was agreed.
While Trump hailed the agreement with Xi "an incredible deal", a lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted. A White House official said it started on December 1.
However, Qualcomm Inc said on Monday it was not looking to revive its abandoned $44 billion acquisition of Dutch peer NXP Semiconductors NV. "I am a Tariff Man", Trump wrote on Twitter.
On Tuesday, the stock market plummeted in the wake of President Trump's troubling tweets about the possibility of a renewed trade war with China.
Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve USA concerns in the process of further opening-up.
Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, US officials have said.
Trump said that US Trade Representative Robert Lighthizer would spearhead talks as part of a framework agreement that was announced following the bilateral dinner meeting held at the Group of Twenty summit on Saturday, The Wall Street Journal reported, citing sources familiar with the matter. These had been scheduled to increase to 25 percent on January 1 but were postponed as part of the weekend agreement.
Negotiators will actually have fewer than 90 days to reach a deal because of holidays in the two countries over the next three months, the Chinese ambassador to the United States, Cui Tiankai, told reporters on Monday.
"China has to do this, basically to get room to breathe", said an executive at a state-owned trading house.
China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.
Mnuchin went on to say while trade is a major talking point in discussions with China, the two sides will also work on a number of global issues together.
Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante.
And Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products, but added, "if that's real" it would close the trade deficit with China and said "we have to have a negotiated agreement and have this on paper".
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