Trump touts trade war truce

Trump touts trade war truce

China vowed Wednesday to move swiftly to strike a trade consensus with the United States, even as mixed signals on the detente from self-described "Tariff Man" Donald Trump's administration upset global markets.

The Ministry of Commerce statement described the meeting with the USA as "very successful" and said China is "confident" of implementing the results agreed upon at the talks, but didn't provide any further details on the outcome.

On 2 December, Bloomberg published a side-by-side comparison of statements made by U.S. and Chinese officials and found them "rarely overlapping".

In return, China agreed to buy more US goods in an effort to reduce the trade deficit, which Trump often fixates on. The three-month period halted the addition of new tariffs by both countries and was aimed at resolving the ongoing trade dispute.

China pledged to buy more from the United States and the White House said the two sides would negotiate "structural changes" to thorny issues plaguing relations, but few details and no dollar amounts were disclosed. We are right now taking in $billions in Tariffs.

"We hope the two working teams from both sides can, based on the consensus reached between the two countries' leaders, strengthen consultations, and reach a mutually beneficial agreement soon", Foreign Ministry spokesman Geng Shuang told reporters.

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.

Pompeo said in Brussels on Tuesday the USA could abandon some worldwide agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organization rules.

He had earlier also indicated that the deadline for an agreement could be extended.

Kudlow called Lighthizer the "best trade negotiator in the business" and expressed confidence that he would keep China on track with its commitments.

China has promised to act quickly but failed to release details.

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However, a U.S. official told NBC that Khalid is not expected to be expelled from the country and would continue on as ambassador. He also said: "There's not a smoking gun, there's a smoking saw". "You have to be willfully blind" not to see it.

Also contributing to the decline are increased fears about future USA economic growth.

Global financial markets sank to one-week lows on Wednesday amid the renewed trade concerns, extending Tuesday's slide.

Mr. Trump's 10 percent tariff on $200 billion of Chinese goods was set to increase to 25 percent on January 1.

But by Tuesday morning, Trump was renewing his tariff threats in a series of tweets.

US Treasury Secretary Steven Mnuchin said markets were in a "wait-and-see" mode. He gave China 90 days to work out "a real deal", and if it doesn't, higher tariffs loom, he warned.

At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the USA midterm elections.

While at the conclusion of Saturday's working dinner, both the USA and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters.

On Wednesday, the Global Times tabloid, which is run by the Chinese Communist Party's main newspaper, said myriad statements from the Trump administration about the deal - including the agreement that China would buy $1.2 trillion in additional US goods - were created to highlight or even exaggerate facets of the deal that benefited the United States.

China has yet to confirm Trump's claim that Beijing committed to cut auto tariffs and buy more American farm exports. Trump says he wants to de-escalate trade tensions with China but insists on Beijing addressing long-standing issues such as intellectual property theft, forced technology transfers, and tariffs and nontariff barriers.

In a phone call with reporters December 4, Kudlow, who accompanied Trump to Argentina, said that based on his conversations with Chinese Vice Premier Liu He, Liu and his staff were taking those demands seriously.

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