Published: Fri, December 07, 2018
Money | By Wilma Wheeler

China vows quick trade deal as Trump sends mixed signals

China vows quick trade deal as Trump sends mixed signals

But China later broke its silence on the truce with a spokesman saying that the negotiations have a timeline and China plans to quickly work on the "agreed upon consensus". Italy's government is seeking to spend and borrow more, which could elevate interest rates and stifle growth. She now faces a bond hearing Friday, pending possible extradition to the United States to face criminal charges. But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'. China has responded with its own tariffs.

He also said that China's vice premier, Liu He, had told him there would be changes made "immediately" to show the Chinese were serious about a new agreement.

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the United States that it will happen "immediately", he said.

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man".

He concluded by describing himself as a "Tariff Man", adding that the "now taking in $billions in Tariffs. President Xi and I want this deal to happen, and it probably will", he said.

He said his "expectation" is that China might roll back tariffs on goods "quickly".

Investors are now grappling with the potential for a protracted conflict, as the president signaled the negotiations could be more contentious than expected. But when Trump announced broad new US tariffs on Chinese made goods, the Beijing government raised duties specifically on American made automobiles and parts.

Trump on Tuesday said a deal with China would probably happen, before bragging that his imposts on Chinese goods had added billions of dollars to the USA economy.

China's Ministry of Commerce did not respond to phone calls and a faxed request to comment.

Alec Phillips and other economists at Goldman Sachs wrote in a research note: "The actual amount of concrete progress made at this meeting appears to have been quite limited".

The Tax Foundation, a conservative think tank, studied the $42 billion of tariffs already imposed by Trump, which include taxes on steel, aluminum, washing machines and the duties being charged on Chinese imports.

China and the United States will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

China, in turn, agreed to purchase a "substantial amount" of USA agricultural, energy and industrial products, among others, to reduce the trade imbalance between the two countries, according to the White House.

Kudlow acknowledged there was no "specific agreement" on auto tariffs. This is significant because China has never paid much attention to controlling the export of anything other than weapons and has even denied its obvious role in the USA opioid crisis. "So this time around as I said, I'm hopeful, we're covering more ground than ever..."

Members of Trump's economic team continued to temper optimism about a deal Tuesday.

In his tweets on Wednesday, the U.S. president also cited a pledge from his Chinese counterpart, Xi Jinping, to crack down on illicit exports of the powerful opioid fentanyl to the US.

We are confident in implementation [of the agreement].

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