Economy

Trump Threatens 'Major Tariffs' Against China if Trade Pact Falters

Trump Threatens 'Major Tariffs' Against China if Trade Pact Falters

Beijing will "immediately implement" terms of a tariff ceasefire with Washington and is "full of confidence" a trade agreement can be reached within 90 days, a Chinese government spokesman has said.

China and the US announced a truce in their trade war after the meeting between Trump and Xi Jinping on Saturday, but that quickly descended into confusion, with both sides announcing different statements on what was agreed.

Global markets rose on Monday to their highest levels in about three weeks on the news.

The S&P 500 index gained 26 points, or 1 percent, to 2,785 as of 10:15 a.m. Energy stocks also rose as USA crude oil prices rose sharply.

White House economic adviser Larry Kudlow said earlier this week the US won Chinese commitments to buy more than $1 trillion in American products.

Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment. About it reports RBC-Ukraine with reference to Reuters.

"If it is, we will get it done", Trump said in a Twitter post.

Speaking on the CNBC show "Squawk Box" on Monday, . But by Tuesday morning, Trump was renewing his tariff threats in a series of tweets.

He also signaled optimism that President Xi Jinping would deliver on his promise, after their meeting in Argentina. They announced that China had agreed to buy many more American products and to negotiate over the administration's assertions that Beijing steals American technology.

Wall Street's major indexes rallied on Monday following a truce between the United States and China in their trade dispute, which has clouded the outlook for the stock market for much of the year.

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Liverpool's Sadio Mane might miss the contest because the foot he cut Sunday during the Reds' win over Everton required stitches. He added: "We play that week on Thursday against City so I hope we have the Monday night game or whatever then it's okay".

He gave no further details.

His appointment of Lighthizer to lead the talks instead of Treasury Secretary Steven Mnuchin puts one of the administration's toughest China critics in charge. "The meeting with the president was very good and very open". "And we know that", Kudlow said. They dislike the American president's tactics but echo US complaints about market barriers.

Kudlow said: "They can not slow walk this, stall this, meander this". None of the commitments were agreed to in writing and many specifics have yet to be worked out.

However, there are some discrepancies in what the U.S. is saying and what was in the brief statement from Chinese officials.

Trump added that a 90-day timetable for negotiators to reach a deeper agreement had begun and that his aides would see "whether or not a REAL deal with China is actually possible".

A lack of detail from the Chinese side has left investors and analysts wondering if Mr Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question.

China, for its part, also agreed to offset its massive trade imbalance with the U.S.by buying more, but not yet specified amounts, of energy products, agricultural, industrial and other products. China has responded to Washington's list of demands, though it is unclear what Beijing said.

Volkswagen AG and Daimler AG executives both said they thought the chances that new tariffs will be imposed had been lessened following the meeting.

China's Ministry of Commerce did not respond to phone calls and a faxed request to comment. Neither country mentioned auto tariffs in their official briefings of the meeting on Saturday. This article is strictly for informational purposes only.