US wants ‘concrete’ trade action from China

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US

President Donald Trump declared himself "Tariff Man" in a tweet that contributed to investors' fears about the tenuous US-China trade truce.

The United States agreed to put on hold a scheduled increase in tariffs on $200 billion of Chinese goods due to come into effect on January 1, following talks between U.S. President Donald Trump and Chinese President Xi Jinping at a gathering of world leaders in Argentina. The move, if verified, would hand automakers from Tesla Inc.to Daimler AG and BMW AG a potential reprieve after higher levies hit sales in the world's biggest vehicle market.

The president also confirmed that US Trade Representative Robert Lighthizer, who has been critical of China in the past, will lead the negotiations with the help of other administration officials.

In a briefing to reporters, he also said the United States did not yet have a "specific agreement" on auto tariffs.

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of USA tariffs, while US economic growth, though not as robust as a few months ago, is still strong. But the magnitude and timing of such a reduction were unclear, the person said.

As reported by Reuters, fresh concerns are on the rise surrounding the temporary US-China truce that was struck over the weekend.

The continental renminbi, which trades on the second biggest economy's domestic market, has risen by 1.8 percent in price during the first two days of the week, Refinitiv data suggested.

Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but U.S. markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.

Tesla didn't respond to an email seeking comment while BMW's China unit didn't offer an immediate comment on Trump's tweet.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this

"Tariffs on USA soybeans might drop as the two sides enter a honeymoon period". That's because the German luxury brands dominate the top 10 list of vehicle imports into China.

On Monday, influential Chinese tabloid the Global Times said it understood China and the United States will further discuss moves at expanding market access, intellectual property protection, avoiding compulsory technology transfers, and joint control of cyber crime.

Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet.

His comments relate to the 40% tariff China imposes on U.S. vehicle imports, which were brought in as part of the trade battle in July. The U.S. now charges a 27.5 per cent tax on imported cars from China.

While Trump hails tariffs as money-makers, critics note that tariffs are mostly paid for by U.S. consumers as the costs of Chinese imports rises. 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.

He added that Xi has sought to control the Indo-Pacific region, where the USA previously had significance.

The U.S. embassy in Beijing posted a Chinese version of the White House's readout of the meeting on the popular WeChat platform on social media, but reposting it was not possible.

For Tesla, a tariff cut will provide a boon until the company sets up local production.

China only recently signaled that it may back off from its strict foreign ownership requirements for auto factories.

Related News:



Most liked

Lionel Messi Finishes In 5th Place In Ballon d'Or Voting
He tweeted: "I explained to @AdaStolsmo the buzz and she told me she understood it was a joke". Hegerberg answered "no" after Solveig asked her in French to do the provocative dance.

Wisconsin Republicans to vote on weakening governor's power
The last such session happened just before Walker took office, when Democrats tried unsuccessfully to approve union contracts. Gov. -Elect Tony Evers Says He Will Fight GOP Plan To Limit His Power was originally published by Wisconsin Public Radio .

NYPD finds couple who dropped engagement ring down street grate
The NYPD had been looking for Drennan and his fiancee, Daniella Anthony, since they retrieved the ring Saturday morning. LISTEN: Our Failing Fabulously podcast celebrates those times in life when things go wrong. but somehow work out.

Government must publish Brexit legal advice
The House of Commons voted 311-293 in favour of a motion censuring the government over failing to release the legal advice. It was always a nonsense that MPs, after the " meaningful vote ", would be somehow gagged from expressing a view.

Trump Reconsiders Qualcomm-NXP Deal Despite Qualcomm’s Intention to Walk Away
The Trump administration had unsuccessfully lobbied the Chinese government earlier this year to give its blessing to the deal. Qualcomm abandoned the deal to buy NXP in July, after it was unable to secure Chinese regulatory approval.

CIA Director Haspel to Brief Senate Leaders on Khashoggi's Death
He added that it appeared that the Trump administration does not want to recognise evidence of the crown prince's complicity. That reluctance to blame the crown prince has enraged some Republicans.

Michelle Obama on book tour encourages girls to ‘practice sisterhood’
All right, I'm back now. "Sometimes that stuff doesn't work", she said . As first lady, you're not alone much. She can say whatever she wants now".

Liberals adopt new rule to stop the revolving prime ministership
The Labor party already has rules that restrain leadership changes including of an opposition leader, although they could be altered by a simple majority of caucus.

Sarah Hyland's 14-Year-Old Cousin Killed By Drunk Driver
The campaign quickly exceeded its $US25,000 goal, raising more than $US30,000 in one day with the help of Hyland's fanbase. In her second post about the accident, Hyland railed against the driver who allegedly caused it.

Israel military says to expose Hezbollah attack tunnels from Lebanon
He said the Palestinian Islamist movement Hamas, which controls Gaza, had shared tunnel-digging knowledge with Hezbollah. More than 1,125 Lebanese, majority civilians, and some 40 Israeli civilians, were killed in that conflict.

Eddie Murphy becomes a dad for the 10th time
Weighing 6lbs 11oz, the baby boy is the couple's second child together, a little brother to Izzy , two. The Coming to America's eldest son 29-year-old Eric is with former partner Paulette McNeely .

Redskins QB Colt McCoy continued to play despite fractured fibula
Despite their injuries at the quarterback position, the Redskins are still very much in the hunt in the NFC East. Mark Sanchez entered the game after the injury and appears to be Washington's top quarterback going forward.

Tesla autopilot blamed as driver found asleep at 70mph
He has been identified as Alexander Samek of Los Altos, 45, who happens to be a member of the Los Altos Planning Commission. All in all, it took about seven miles and seven minutes for the Tesla to come to a stop in the right hand lane.

This radio station is banning 'Baby, It's Cold Outside.' Here's why
The 1940s Christmas classic " Baby, It's Cold Outside " no longer stands the test of time. "But baby its cold outside". More than 5,000 people have voted since the station launched the poll on their Facebook page on 29 November.

More victors in HIV stigma fight emerge
He added that 30, 000 persons living with HIV/AIDS were now on treatment according to statistics by the public health department. The first antiretroviral treatment for HIV wasn't approved until 1987.