U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce with China but warned he would revert to tariffs if the two sides could not resolve their differences.
In his briefing with reporters, Kudlow said he assumed that the Chinese would eventually drop their auto tariffs altogether.
"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said. Senior administration officials also had trouble articulating any specifics about the deal in press briefings. The US said that China will purchase a "very substantial" amount of US products to ease the trade imbalance, and would clamp down on the export of deadly synthetic opioid fentanyl to the US.
Soybeans in Chicago led an advance in US agriculture futures after the White House said China had agreed to immediately restart purchasing American farm products as part of a trade truce between the two countries. "I'm taking President Xi at his word, at his commitment to President Trump". China is supposed to start buying agricultural product and more, immediately.
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.
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But Mnuchin said, "I think there's no question the president's tariff strategy has worked".
"That's what happens when you don't have the detailed negotiations going into the summit" and end up with the "broad swath of a 35,000-foot deal", said Bonnie Glaser, a China expert at the Center for Strategic and International Studies in Washington. Per the president's post, a delegation of USA officials will hold negotiations with the Chinese side. As part of that the US said it had agreed to hold off on raising tariffs January 1 while negotiations took place. As part of his Twitter storm today, the United States president called himself "Tariff Man" and then proceeded to demonstrate his lack of basic understanding about how tariffs work, seemingly ignorant of the fact that tariffs are in effect a tax paid by domestic consumers, not foreign countries. "But as he found out with Mexico, Canada and now China, trade is more than the sum of goods and services exchanged between nations".
As such, Trump was keen to reassure U.S. farmers that the negotiations with China would benefit them.
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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.
Also contributing to the decline are increased fears about future USA economic growth.
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Trump and Xi also 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, according to the White House statement.