Economy

China gets US tariff delay but movement on tech unclear

China gets US tariff delay but movement on tech unclear

The Chinese silence prompted questions about what Trump said was a promise by Beijing to buy more American exports and negotiate over US complaints that it steals American technology.

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

The 90-day truce in the escalating trade war between the USA and China came during a dinner meeting between the two presidents following the G-20 summit of the world's industrialized and emerging economies in Buenos Aires.

"The economics and trade teams of both sides will actively push forward negotiations within 90 days in accordance with a clear timetable and roadmap", it said, in the first public acknowledgement by the Chinese government of the 90-day timeline. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the US, she said.

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The U.S. had a $335.4 billion trade deficit with China in 2017.

Trump on Tuesday opened the door to lengthier talks, indicating they could extend beyond the March 1 deadline.

Previously, Trump had threatened China several times about a tariff escalation to 25% from current 10%.

There's also been confusion just on the US side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal. But Mnuchin added, "If that's real" - thereby raising some doubt - it would close the U.S. trade deficit with China, and added: "We have to have a negotiated agreement and have this on paper".

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After some confusion Monday about who would head the talks with China, Trump suggested Tuesday that U.S. Trade Representative Robert Lighthizer would take the lead, "working closely with" Treasury Secretary Steven Mnuchin, economic advisor Larry Kudlow, Commerce Secretary Wilbur Ross and trade advisor Peter Navarro. But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'. "Level the field!" Trump said. After this tweet of president Trump, the stock market showed some positive response which indicates that the faith investors are restored at least for a short period. Kudlow also kicked the trade can down the road even further, saying the truce would begin January 1, giving the two sides until April 1 - rather than the March 1 date initially mentioned - to strike a deal.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

The president also returned to threatening China with higher tariffs. -China trade talks were on track. The Trump administration has added tariffs on to $250 billion of Chinese imports and Beijing has retaliated with $110 billion in new tariffs on US goods. The statement did not say whether Trump raised tariffs with executives from BMW, Daimler and Volkswagen.

On Monday, influential Chinese tabloid the Global Times said it understood China and the United States will further discuss moves at expanding market access, intellectual property protection, avoiding compulsory technology transfers, and joint control of cyber crime. "President Xi and I want this deal to happen, and it probably will", he said.

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