Trump says China to cut vehicle tariffs in trade truce
04 December, 2018, 00:38 | Author: Frank Williams
Trump in March imposed tariffs on $50 billion worth of imports from China for punishment over alleged IP theft, which the United States says costs its companies as much as $600 billion a year - which China has denied.
Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.
Earlier the United States president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.
"These are private sector purchases where tariff rates will be lowered and also non-tariff barriers will be lowered with respect to American ownership, for example, with respect to technology transfers, with respect to IP", he said. And Beijing agreed to reconsider a takeover by USA chipmaker Qualcomm that it had previously blocked.
"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said.
As a political scientist following the escalating tensions, I believe that the statements coming out of the G-20 meeting reveal that a wide gap still separates Xi and Trump, both in terms of what matters most to them and their approach to getting it. Now comes the hard part for negotiators who will have 90 days to resolve major differences.
Also, Beijing has neither echoed nor rebutted Trump's claim about China agreeing to "reduce and remove" tariffs on American vehicles.
The United States and China are locked in a dispute over their trade imbalance and Beijing's tech policies.
"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", said director of the China Automobile Dealers Association's import committee, Wang Cun, according to Reuters. His administration has imposed multiple tariffs on the country this year; the latest was a 10-percent tariff on $200 billion worth of imported goods.
There was no immediate statement from either side when the dinner of more than two hours ended in Buenos Aires.
The trade war had been a pall on global markets as the world's two largest economies exchanged rounds of increasingly severe tariffs. It was last down 0.07 percent at 96.630.
The White House called the meeting "highly successful", citing Trump's statement that: "This was an wonderful and productive meeting with unlimited possibilities for both the United States and China".
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The White House said China was "open to approving the previously unapproved" deal for US company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".
Financials were the biggest boost to European shares as China-exposed bank HSBC rose and lenders across the region cheered the prospect of a détente in a trade war, which has dented world economic growth prospects.
However, China has in the past boosted its purchases of USA soybeans in the fourth and first quarters of each year - this is when the US crop is ready and Brazil's has yet to be harvested. Still, "the market is very concerned about the outcome of further negotiations", and whether there will be big purchases in the next few weeks, she said.
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Despite the symbolism of Friday's signing, Trump has no meetings with Trudeau scheduled while the two are in Argentina. But although the agreement has been signed it must be ratified by the legislative bodies of all three countries.
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The Trump trade war will drift into 2019
At the same time, U.S. farmers have been hurt by reduced Chinese imports of soybeans and other products. Trump said earlier that they are ready to slap additional tariffs on Chinese goods worth $267 billion.
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The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago. Kudlow added that if the USA doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed.