China says to move quickly on USA trade consensus

John Lee

US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed on Saturday to a temporary truce in the trade clash between the two countries. It will always be the best way to max out our economic power. Kudlow said USA officials would monitor Chinese progress closely.

On Wednesday, Trump cited reports that China was preparing to import more soybeans and liquified natural gas, as proof that his deal was working.

In return, Trump agreed to hold off on plans to raise all current tariffs to 25% on January 1.

Trump tweeted on Monday that his meeting with President Xi was "extraordinary", and that "very good things" will happen in terms of the United States' relationship with China. And while he said the "history is not great" with China on trade, he was optimistic.

Also, China's commerce ministry made no mention of the vehicle tariff cuts which Mr Trump said earlier this week China had agreed to.

But details about the likelihood of progress and specifics of the agreement have been slim.

If the talks fail, Trump said he'd be happy to maintain tariffs on Chinese imports.

However, Qualcomm Inc said on Monday it was not looking to revive its abandoned US$44 billion (S$60 billion) acquisition of Dutch peer NXP Semiconductors NV.

Mnuchin stressed that the two leaders had detailed conversations on 142 items and said the goal now was to turn the talks into a "real agreement". However, after the successful meeting of both countries leaders at the meeting of G20 China has made a decision to lower the import tax by more than 25%.

Investors were pleased by the news.

The Dow Jones Industrial Average fell more than 3 percent, the S&P 500 lost 3.2 percent and the Nasdaq Composite tumbled 3.8 percent. Donald Trump and Xi Jinping both decided at the meeting of the G20 to stop the trade war for the period 90 days to stable both country's declining economy.

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But he urged caution going into the new year and pointed out that holding back on higher tariffs isn't the same as lifting the ones already in place.

"This is the first time that we have a commitment from them that this will be a real agreement", Mnuchin said Monday.

But no substantial purchases can happen with a 25 percent duty still in place on USA soybeans, corn, sorghum and wheat, said buyers and analysts. Nor does the latest announcement affect the 25 percent duties on separate lists of Chinese imports covering $34 billion and $16 billion in Chinese imports, respectively.

China, the world's largest auto market, raised tariffs on USA auto imports to 40 percent in July, forcing many carmakers to hike prices in a major hit to the roughly $10 billion worth of passenger vehicles the United States sent to China previous year.

Last week, the S&P 500 gained 4.8 percent as investors interpreted commentary from the Federal Reserve as signaling that US interest rate hikes may be less aggressive than feared.

Beijing has tried without success to recruit France, Germany, Japan and other government as allies against Trump. "Farmers, I LOVE YOU!" the USA president tweeted. Beijing is unhappy with USA limits on exports of "dual use" technology with possible military applications.

To be sure, many tech-savvy Chinese were aware of the news, with some expressing unhappiness online about a lack of detail from state media.

Cui put the odds of an agreement at "higher than 50 percent" but said he had no idea how long that might take.

The move, if realized, would bolster US auto manufacturers who were hit hard when China ramped up levies on USA -made cars in July as part of a broad package of retaliatory tariffs amid a sprawling trade war between Washington and Beijing.

Other riskier assets also got a lift.

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