Trump is leading USA trade negotiations with China: Mnuchin

Trump is leading USA trade negotiations with China: Mnuchin

Earlier this year Trump imposed an import tax of 25 percent on $50 billion in Chinese products, then hit an additional $200 billion worth of goods with 10 percent tariffs.

President Donald Trump threatened Tuesday to slap more tariffs on China if efforts to strike a trade deal with Beijing crumble.

U.S. President Donald Trump, Secretary of State Mike Pompeo, national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina, on December 1, 2018.

U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added. "My meeting in Argentina with President Xi of China was an extraordinary one", President Trump tweeted.

The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.

"President Xi and I want this deal to happen, and it probably will". At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments.

United States stocks slide on China trade concerns and fears of weakening growth
European markets fell on Tuesday, with Germany's DAX losing 1.1 percent and France's CAC 40 dropping 0.8 percent. The Dow Jones Industrial Average decreased 799.36 points, or 3.10 percent, to 25,027.07.

A Chinese official told the Reuters news agency officials were "waiting for the leaders to return" before publicising details. Referring to himself as a "Tariff Man", Trump, in a series of tweets, deepened the murkiness surrounding the trade agreement, while members of his economic team talked down the prospects of a broad deal.

"He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".

The US and China paused a trade war after several months, agreeing to halt new tariffs for 90 days. China's government has been slow to formulate its response to the summit as senior officials were still out of the country with Xi, Bloomberg News reported. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

The U.S. LNG sector also needs Chinese participation, however.

"China will begin implementing specific issues that have reached consensus immediately, the sooner the better", a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.

President Trump doubled-down on his widespread use of trade tariffs to improve the USA economy and the American manufacturing base Tuesday, saying he is a "tariff man" after reaching a 90-day "truce" with China. "China does not want Tariffs!"

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

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