China media lauds 'momentous' trade truce but questions linger

04 December, 2018, 00:36 | Author: Kathy Ellis
  • Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

There was no immediate USA confirmation of the outcome of the talks, but Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue".

The healthy increases paved the way for sharp rises on European and United States exchanges later on Monday with futures trade seeing the FTSE100 opening up by 1.6% and the Dow Jones industrial average on Wall Street expected to leap 2%. Farmers, I LOVE YOU!' he tweeted.

Trump went on to praise what he said was his "very strong and personal relationship" with Xi.

This saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of USA imports.

It is also likely good news for the stock markets in the US and China after both countries - but especially China - have taken a beating in the past few months because of this fight.

William Zarit, chairman of the American Chamber of Commerce in China, said the vehicle announcement, if confirmed, was "certainly movement in the right direction, and hopefully a sign of more things to come".

What was agreed at the G20? .

Under the agreement, Trump is shelving a plan to raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent from the start of next year - but the hike will kick in if negotiators fail to reach a final deal within 90 days.

The mercurial USA leader was effusive on the meeting with Xi, telling reporters on Air Force One that China has agreed to immediately buy "tremendous amounts of agricultural and other product" and this will have an "incredibly positive impact on farming".

"Mnuchin said China had agreed to make "big, long-term commitments" to purchase US liquefied natural gas", provided that the United States builds sufficient export terminals.

We're quitting OPEC in 2019
Qatar was the first nation outside of its founding members to join the cartel, entering its ranks in 1961. However, Qatar has denied all the claims.

The Great Leap Forward was a cornerstone of Chairman Mao Zedong's move toward a socialist economy by requiring farmers to "collectivize" their property and operations, and by forcing farm workers to take industrial jobs.

China's official statement underlines that no higher tariffs will be imposed on January 1, 2019, but it does not mention the 90-day deadline.

USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

Politically, even if the details of what the two leaders agreed to remain murky, the president is returning to Washington one step closer to a new North American trade pact and at least a Chinese commitment for a deal between the world's largest economies.

President Trump and Chinese President Xi Jinping approved a deal on Saturday at the Group of 20 meeting in Argentina.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

BMW rallied the most in more than three years while Volkswagen amd Daimler also advanced.Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet. And China's leader will likely expect compromise on complex territorial issues like Taiwan or the South China Sea before the ceasefire will begin to look like a full-fledged peace accord.

Worries about the economic impact of the tariffs have pushed stock markets lower in recent months.

China also launched a nationwide campaign to protect foreign firms' worldwide property rights in 2017. Asked about the alleged changes to auto tariffs, foreign ministry spokesman Greng Shuang declined to comment, according to reports from China.

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