Donald Trump says he believes Xi Jinping is honest on trade

Remigio Civitarese
Dicembre 6, 2018

Officials downplayed expectations about reaching a broader trade deal that would end the tariff war.

US negotiators have a list of 142 requirements that China has to agree to before it enters into a trade deal.

Trump said his team of trade advisers led by China trade hawk U.S. Trade Representative Robert Lighthizer would determine whether a "REAL deal" with China was possible.

That's why carmakers and auto parts manufacturers on both sides of the Pacific were initially buoyed by the claim of an "incredible" trade deal emerging from the 2-1/2 hour dinner meeting President Donald Trump held with his Chinese counterpart Xi Jinping on Sunday at the G-20 summit.

"President Xi and I want this deal to happen, and it probably will", Trump said in a post on Twitter. But if not remember ... "ALL subjects discussed!" Trump said on Twitter. The tech-heavy Nasdaq tumbled 3.8 percent, to 7,158.43. Fentanyl, mixed in with heroin, has caused a spike in drug overdoses in the U.S.

After the dinner, Trump said they reached the framework of a deal that would come together in 90 days.

Amid the renewed tensions over tariffs, Mr. Trump held an unusual meeting at the White House with Germany's three largest automakers - Volkswagen, Daimler and BMW - seeking increased investment in their US facilities.

Volkswagen CEO Herbert Diess said the company was "considering building a second vehicle plant" and was in talks with Ford Motor Co about a broader alliance. He said VW could use idled Ford Motor Co. factory capacity.

In fact, European automakers have rapidly expanded their manufacturing base in the recent years. For its part, China has slapped tariffs on $110bn of United States imports. Merkel stressed that trade negotiations are the responsibility of the EU.

"It's an incredible deal", Trump told reporters after the dinner. "Not with national governments".

Trump also repeated the threat of imposing more tariffs on China after the 90-day deadline expires. Mnuchin said Monday morning on CNBC that China had offered to buy up to US$1.2 trillion of additional U.S. goods, even while the "details of that still need to be negotiated".

The tariff tactic stoked fierce opposition among free trade advocates in the Republican Party.

"Tariffs are taxes on American families", tweeted GOP Nebraska Sen.

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

"We should also not rule out the possibility in 2019 of China pitching any tariff reforms that it is prepared to implement to resolve the U.S. China trade war to the wider global community as well", Rudd said.

As part of the truce, Mr Trump agreed to hold off on plans to raise the tariffs on US$200 billion (S$273 billion) worth of Chinese imports to 25 per cent beginning on Jan 1, leaving them at the current 10 per cent rate.

Trump and Xi agreed on a trade war truce on the sidelines of a G20 summit in Argentina on Saturday, holding off on new tariffs and giving negotiators three months to reach an agreement. "The market is trying to figure out: "Is there going to be a real deal at the end of 90 days or not?'" Mnuchin told the Wall Street Journal CEO Council".

While he said he would "happily sign" a fair deal that addresses United States concerns, he warned: "remember, I am a Tariff Man".

Global financial markets tumbled on Tuesday as doubts over what could realistically be accomplished in the tight negotiating window added to concerns about fading global growth. "MAKE AMERICA RICH AGAIN", he tweeted.

"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".

"There are strong views in Japan that if China is honest about rapprochement with Japan, while respecting relevant World Trade Organisation rules based on scientific evidence, China should significantly speed up the process towards lifting the restrictions against Japanese goods and products", the source said.

Some US experts went even so far as to claim that the Xi-Trump cease-fire was a "mistake".

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