Donald Trump says China sending 'strong signals' of trade cooperation

Shanghai skyline at night. Source Shutterstock

Shanghai skyline at night. Source Shutterstock

American media reports the Dow Jones Industrial Average fell by 200 points after those tweets.

White House aides have struggled to explain the details of what the two countries actually agreed on. The sentiment is that Trump intentionally oversold his "accomplishments", which are at odds with what other members of his administration are saying. "The problem is that something turned out to be nothing".

BMW AG said in a statement that it plans to invest $600 million more at its Spartanburg plant in SC through 2021 for future generations of the BMW X models and will create 1,000 more jobs by 2021.

John Williams, president of the Federal Reserve Bank of NY, also unnerved investors by telling reporters Tuesday that he supports further Fed rate hikes.

Though a confirmation of a 90-day time frame is reassuring (though China did not specify when it thinks the clock started ticking), we can still not be sure that Beijing has the same "agreed-upon consensus" in mind as Washington.

Zetsche said it is "impossible" to build all vehicles sold in the United States because of small volumes of small luxury cars.

"From our perspective, the USA position is understandable", VW said in a statement. However, it was unclear if this meant China would scrap the retaliatory tariffs on these items-currently at 25 percent for soybeans, and 10 percent for LNG.

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In return, Beijing will purchase "very substantial" amount of agricultural, energy, industrial and other products from Washington .

"The United States has put forward many demands, not all of them reasonable". Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

But as part of the truce agreed to by Mr Xi and Mr Trump, the USA will not raise tariffs further on Jan 1, so further talks can take place.

Trump warned that although he and Xi want to get to an agreement "remember, I am a Tariff Man". "President Xi and I want this deal to happen, and it probably will", he said.

China and the United States will work on intellectual property rights protection, technology cooperation, market access issues and the trade balance in the next 90 days, Gao said, adding that China's goal is to remove all new tariffs within that period.

"I am not sure, you know, that the objective is a trade agreement". In May, Trump disavowed a joint statement the two countries agreed to in Beijing that made vague pledges for China to buy more agriculture and energy exports. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

White House trade adviser Peter Navarro on the trade truce between the USA and China.

"China will for sure cancel the 25 percent tariffs on US agriculture products".

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Many economists have expressed scepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days. But any such pact is not a guarantee, given deep divisions that remain between the countries and the administration's insistence that China end its practice of pressuring US companies to hand over valuable technology and trade secrets.

He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the U.S. to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.

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.

Chief economic adviser Larry Kudlow (pictured) acknowledged challenges in remarks Tuesday morning.

"China's discussed these things with the USA many times down through the years and the results have not been very good", he said.

That approach so far has amounted to slapping tariffs on US$250 billion (NZ$361 billion) of Chinese imports and vowing to impose penalties on all other imports if China doesn't make changes. Even if the tariffs are lifted now, the USA crop is becoming less competitive in the Chinese market as the harvest season approaches in South America.

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The European parties to the nuclear deal have refused to pull out and said they would seek ways to continue trade with Iran. On Sunday, a senior Iranian official said the country's missile program was not in breach of United Nations resolutions.

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