Economy

DEVELOPING: US-China trade uncertainty fuels market plunge

DEVELOPING: US-China trade uncertainty fuels market plunge

Those remarks were echoed by President Trump himself, . who noted his good personal relationship with his Chinese counterpart Xi Jinping in a tweet on Monday.

The White House said Trump and Xi agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.

White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.

"People think there is not "substance" behind Trumps tweets about tariffs so the markets are giving back the gains from before the G20 meeting", Michael Matousek, head trader at U.S. Global Investors, told ABC News.

China's tariffs on USA soybeans mean they are $60 per tonne more expensive than those from top global supplier Brazil, which is due to begin harvesting a record crop in a few weeks time. China is supposed to start buying Agricultural product and more immediately.

The US trade deficit with China was Dollars 335 billion a year ago and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal. "Farmers, I LOVE YOU!"

He later said China had committed to buying large amounts of United States agricultural products and completely removing all tariffs on USA automobiles, a huge shift from its current 40 per cent penalty.

"Will Continue Missile Tests": Iran On US Allegation Of UN Law Breach
Pompeo is expected to raise the issue of Iran's missile activity during meetings Monday and Tuesday with European officials. The US reimposed sanctions on Iran in November that target its oil exports, banking sector and access to US dollars.

U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce with China but warned he would revert to tariffs if the two sides could not resolve their differences. "A solution for North Korea is a great thing for China and ALL!" In September, the last month that was recorded, the monthly USA trade deficit with China was $40 billion.

China's foreign ministry, the only government department that holds a daily briefing foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything.

The president also explained his philosophy of why he supported tariffs with foreign countries.

"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said.

FILE - Mike Starkey offloads soybeans from his combine as he harvests his crops in Brownsburg, Indiana, Sept. 21, 2018.

China offered more than $1.2 trillion in additional commitments on trade at the Xi-Trump dinner, Treasury Secretary Steve Mnuchin said on Monday.

While Washington touted the immediate increase in Chinese purchases of U.S. agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said.


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