Trump Holds out Possible Extension on 90-day China Trade Truce

I am a tariff man’ Trump warns China against raiding ‘great wealth’ of US as trade talks start

"We don't yet have a specific agreement on that", Kudlow said, apparently contradicting Trump's tweet on the matter.

President Donald Trump's dinner with Chinese leader Xi Jinping yielded a ceasefire in the trade war between the world's two biggest economies, though the details are proving less than satisfying to those hungering for a lasting truce.

Both the nature of the agreement and some of its detail were described quite differently by administration officials, with Trump's senior economic adviser, Larry Kudlow saying that the commitments China gave were "stuff that they're going to look at and presumably implement" and that there was no specific agreement on vehicle tariffs. The US said that China will purchase a "very substantial" amount of US products to ease the trade imbalance, and would clamp down on the export of deadly synthetic opioid fentanyl to the US.

President Donald Trump and his Chinese counterpart, Xi Jinping, held an effective meeting on the side-lines of the summit, held over the weekend in Argentina.

Following these tweets, Trump advisors like Treasury Secretary Steve Mnuchin and top economic adviser Larry Kudlow were left to lower expectations and admit that while a number of issues had been discussed between the two sides, essentially no actual agreements had been reached.

And Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products, but added, "if that's real" it would close the trade deficit with China and said "we have to have a negotiated agreement and have this on paper".

Lacking that, we may need a hero to stand against the threat of Tariff Man.

Trump repeated on Tuesday that China had agreed to "start buying agricultural product [s] and more immediately", a commitment that was absent from the Chinese Ministry of Foreign Affairs' statement on Sunday. But it raised its tariff on US cars to 40 percent earlier this year in retaliation for Trump's tariffs on Chinese goods.

But Mnuchin said, "I think there's no question the president's tariff strategy has worked".

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. "It will always be the best way to max out our economic power", he said.

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Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

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

Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve United States concerns in the process of further opening-up.

No one's quite sure how Trump plans to get his way (and, in turn, pass on the cost of these tariffs to the US people), but what's also grabbing attention is how Trump phrased one of his tweets.

The U.S. leader said U.S. farmers "will be a very BIG and FAST beneficiary of our deal with China".

Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.

Trump has long accused China of unfair trade practices that hurt Americans and the US economy.

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