Donald Trump Has "Puzzled and Irritated" China on Trade, Report Claims

Adjust Comment Print

Global markets cheered the weekend accord on Monday, only to reverse course Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on.

During the 2018 G20 Buenos Aires summit, that took place on 30 November - 1 December in Argentina, the U.S. and China chose to continue their trade negotiations in the next 90 days.

In a series of tweets on December 4, he recalled their "wonderful and very warm dinner" where the two discussed trade, and affirmed that both leaders "want this deal to happen". "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Mr Trump tweeted.

At last weekend's dinner meeting in Argentina, the presidents agreed to suspend a planned hike in tariffs on $200 billion in Chinese goods to the USA from 10% to 25%.

Lacking that, we may need a hero to stand against the threat of Tariff Man.

German automakers said after the meeting they told Trump they planned to boost US investments, but warned they would be unable to do so if the administration imposed new tariffs.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March.

More news: One Marine rescued, 6 missing after planes collide off Japan

"Free trade has made the success story of BMW in the USA possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg past year were exported to more than 120 countries.

Mr Trump said this week on Twitter that Beijing had agreed to "reduce and remove" tariffs the 40% tariffs it places on U.S. cars.

Beijing will start to quickly implement specific items where there's consensus with the United States and will push forward on trade negotiations within the 90-day "timetable and road map", the Ministry of Commerce said in a statement on Wednesday morning in China.

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

The president added: "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. But if not remember, I am a Tariff Man", Mr Trump said on Twitter.

Mr Pompeo said in Brussels on Tuesday that the USA could abandon some worldwide agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organisation rules.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. "It will always be the best way to max out our economic power", he said on Tuesday.

More news: Wilder will try to avoid rematch at all costs, says Fury

China has made no direct mention of specific goods it will buy. This fundamental misunderstanding of economics, combined with his reckless announcement of the detente that wasn't, scared investors and continues to undermine his administration's efforts at reaching a real trade deal with China.

Trump has exaggerated the effect of the tariffs on US revenue.

The economic agreementTrump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unravelling by Tuesday.

Global financial markets sank to one-week lows on Wednesday amid the renewed trade concerns, extending Tuesday's slide.

"Let the negotiations begin", Trump wrote on Tuesday.

China pledged to buy more from the United States, and the White House said the two sides would negotiate "structural changes" to thorny issues plaguing relations, though few details and no dollar amounts were disclosed. "It's just madness", one anonymous former official told The Post on Tuesday.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week.

More news: 'Medical milestone' as first baby born from womb of dead donor