Thursday, 13 December, 2018


Trump and Xi agreement buys time in trade war

TRADE WAR: Europe and Asia stock markets higher as China and US agree CEASEFIRE China and US declare temporary truce after Trump, Xi summit
Conrad Doyle | 05 December, 2018, 04:29

President Trump said last week he was likely to go ahead with a planned tariff hike and reiterated his threats that the USA could impose tariffs on the remaining $267bn of Chinese imports into the country.

China and U.S. declared a 90-day trade truce on Saturday after talks between Chinese President Xi Jinping and his United States counterpart Donald Trump on the sidelines of the G20 summit in Argentina. China raised its tariff on auto imports from the USA from 15 percent to 40 percent in retaliation for Trump administration tariffs on imports from China.

Mr Trump later wrote on Twitter that China would "reduce and remove" tariffs on US-made cars, which had been raised to 40% over the summer as tensions escalated.

While Washington touted the immediate increase in Chinese purchases of United States agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.

China's factory activity grew slightly in November, a private survey showed on Monday, though new export orders extended their decline in a further blow to the sector already hurt by the Sino-U.S. trade frictions.

On Monday, China's foreign ministry said the presidents of China and the USA had instructed their economic teams to work towards removing all tariffs following the G20 meeting, Reuters reported. We make the finest and cleanest product in the World, and that is what China wants.

In return, China is to purchase "very substantial" amounts of agricultural, energy, industrial and other products from the United States.

In a series of tweets Monday, the president said his meeting with President Xi Jinping was an extraordinary one.

The Buenos Aires deal shows that both sides are aware that the tariffs could damage the global economy, it said.

What Trump and Xi achieved was the gift of additional time - 90 days, at least - to try to resolve the thorny and complicated issues that divide them.

Asian markets rose after the presidents of China and the U.S. reached a temporary truce in their trade war.

But he tweeted that at "at some time in the future", Xi, Russian President Vladimir Putin of Russia, and he "will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race". Fentanyl is a synthetic opioid primarily produced in China that has caused thousands of deaths in North America in recent years.

This saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of USA imports.

"What he's saying to his own people has more long-term validity than what he's saying to Trump over dinner for the sake of everyone saving face", Khanna said. The U.S. now charges a 27.5 per cent tax on imported cars from China.

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.

While the meeting didn't mean the trade war has come to an end, the agreement offered hope for a resolution of trade disputes, especially for the semiconductor industry that relies heavily on the manufacturing steps in multiple geographic regions, according to William Stein, an analyst at SunTrust Robinson Humphrey.

The White House announced it wouldn't raise the 10 percent tariffs to 25 percent, instead giving the two countries 90 days to talk out their problems.

"This Statement is not a formal agreement, but the tone and direction seems very constructive for semis", said Stein in a note out on Monday.

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