Trump holds out possible extension on 90-day China trade truce - global

Jermaine Castillo
December 8, 2018

The U.S. officials aim "to discuss investment opportunities in the U.S., which includes manufacturing and other forms of investment (including) r&d in new generation technologies", White House spokeswoman Lindsay Walters said. Officials downplayed expectations about reaching a broader trade deal that would end the tariff war.

He also said China's post-meeting statement said the two sides would continue to work toward eliminating all tariffs, the US statement didn't contain similar language.

Trump's promise gives Xi political room to negotiate after Beijing said earlier talks were impossible while Washington "holds a knife" of tariff threats to China's throat.

Through a translator, Xi said that "only with cooperation between us can we serve the interest of global peace and prosperity and that is why I look forward to this meeting". But if not remember ...

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated. That, coupled with conflicting statements by Trump and USA officials, helped trigger a tumble in US stock prices Tuesday amid doubt about the chances for a lasting settlement of a battle over technology that threatens to chill global economic growth.

The China Daily also published a commentary on Tuesday noting the 90-day period, explaining it was a truce and saying the USA would likely escalate the trade war if no permanent deal was achieved.

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As investors confronted uncertainty, markets had one of their worst trading days of the year.

The S&P 500 posted 44 new 52-week highs and 1 new low; the Nasdaq Composite recorded 73 new highs and 81 new lows.

Mr. Kudlow said at an event hosted by The Wall Street Journal that he sees no recession on the horizon for the USA economy.

He revisited the issue later Tuesday with a tweet that said: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".

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.

Daimler chairman Dieter Zetsche told reporters that additional USA investments are contingent on conditions remaining the same.

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"Tariffs inhibit the growth of our industry and make it more expensive for consumers to maintain and fix their vehicles", said ACA President and CEO Bill Hanvey.

Trump has appointed Lighthizer, who just completed a new trade agreement with Canada and Mexico and is one of the administration's most vocal China critics, to oversee the new round of talks, officials said. The European Union warned that it would retaliate with tariffs on US products.

But Kudlow said the ultimate amount will depend on market prices and the health of China's economy.

BMW, Daimler and Volkswagen also build cars in the U.S.at plants in Alabama, South Carolina and Tennessee.

Tigress Financial analyst Ivan Feinseth said Xi is starting to feel the trade war heat and may be more motivated to negotiate than he was in the past. German Chancellor Angela Merkel this week dismissed suggestions that the automakers could conduct trade policy, saying trade negotiations are the responsibility of the European Union. "Not with national governments".

China retaliated by raising its own charges on USA imports. But both leaders face a mix of economic nationalists, free trade advocates and other conflicting forces at home.

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"Tariffs are taxes on American families", Sen.

"The notice won't convince President Trump that China is taking a serious stance on the matter", Irene Pang of ING said in a report.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1. Many companies have already switched their purchases from China to another country to avoid the potential 25% tariff.

U.S. Representative Steve King, an Iowa Republican, in February 2017 introduced a bill that would have allowed the U.S. government to punish Chinese intellectual property theft by imposing duties on the country's imports.

The two leaders will immediately begin negotiations on intellectual property, non-tariff barriers, cybersecurity and more. "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".

"We anticipate that things are still likely to get worse before they get better", Craig said, warning the trade tensions will fuel more market volatility.

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