«Breaking News» Trump boasts that China will 'reduce and remove' 40 per cent tariffs on US car imports

China has agreed to 'reduce and remove' tariffs below 40 per cent being charged on American-made cars, President Donald Trump has said. 

Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions over trade.

In return, the US agreed not to raise tariffs on $200billion in Chinese products from 10 per cent to 25 per cent as it promised it would do on January 1. 

Donald Trump boasted on Twitter that China will 'reduce and remove' tariffs on US-made cars after he held trade talks with Xi Jinping

Trump and Xi brokered a trade truce after months of sparring that will see America pause a planned rise in tariffs due in January, in return for China buying energy and industrial products

China has also agreed to purchase 'a not yet agreed upon, but very substantial' amount of energy and industrial products, the White House said.

Beijing will also begin purchasing agricultural products from US farmers 'immediately'.

The two sides also agreed to begin discussions on how to resolve issues of concern, including intellectual property protection, non-tariff trade barriers and cyber theft.

But the White House also said the tariff rise from 10 per cent to 25 per cent will go ahead if no concrete deal is reached within 90 days.

Tweeting on Sunday night, Trump said: 'China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%'.

He gave no details, and there was no immediate response from the Chinese government. Neither country had mentioned auto tariffs in their official read-outs of the Trump-Xi meeting.

U.S. Trade Representative Robert Lighthizer said last week he was examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 per cent that China was charging on U.S.-produced vehicles.

Chinese state media gave a cautious welcome on Monday to the trade war truce.

But in an editorial, the official China Daily warned that while the new 'consensus' was a welcome development and gave both sides 'breathing space' to resolve their differences, there was no 'magic wand' that would allow the grievances to disappear immediately.

'Given the complexity of interactions between the two economies, the rest of the world will still be holding its collective breath,' it said.

Chinese shares, commodities and the yuan currency surged even as uncertainly remains about the deal.

China has also agreed to buy a 'very substantial' amount of agricultural products from America 'starting immediately', the White House said

Still, analysts cautioned the deal may have only bought some time for more wrangling over deeply divisive trade and policy differences.

They added that China's economy will continue to cool regardless under the weight of weakening domestic demand.

'This is a relief rally,' said Paul Kitney, chief equity strategist at Daiwa Capital Markets in Hong Kong.

The agreement 'is not a ceasefire, it's just a de-escalation. The existing tariffs are still having a negative impact on the Chinese economy, they haven't gone away'.

Widely read Chinese tabloid the Global Times, published by the ruling Communist Party's official People's Daily, warned people had to have realistic expectations.

'The Chinese public needs to keep in mind that China-U.S. trade negotiations fluctuate. China's reform and opening-up's broad perspective recognises that the rest of the world does things differently,' it said in its editorial.

There are also differences in the Chinese and U.S. accounts of what was agreed.

The White House said China was 'open to approving the previously unapproved' deal for U.S. company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors 'should it again be presented'.

However, Qualcomm said in a statement that it considers the matter closed.

Chinese state media has made only scant mention of the Qualcomm issue, which was not addressed by the Chinese government's top diplomat at a news conference in Buenos Aires on Saturday night.

In July, Qualcomm - the world's biggest smartphone-chip maker - walked away from a $44 billion deal to buy NXP after failing to secure Chinese regulatory approval, becoming a high-profile victim of the China-U.S. trade dispute.

There was also caution from the U.S. business community.

William Zarit, chairman of the American Chamber of Commerce in China, said the outcome of the meeting was 'as good as we could have expected' considering the complex issues involved.

'But probably the most challenging area to resolve - China's discriminatory economic policies based on state support and domestic market protectionism - needs to be addressed in order to level the playing field and have a sustainable commercial relationship based on fairness and reciprocal treatment.'

Linkhienalouca.com

https://hienalouca.com/2018/12/03/trump-boasts-that-china-will-reduce-and-remove-40-per-cent-tariffs-on-us-car-imports/
Main photo article China has agreed to ‘reduce and remove’ tariffs below 40 per cent being charged on American-made cars, President Donald Trump has said. 
Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions ...

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Dianne Reeves Online news HienaLouca





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