Home » Money

Hawkish US trade official Lighthizer tapped to lead China trade talks

05 December, 2018, 03:17 | Author: Melinda Barton
  • Xi Jingpin and Donald Trump

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of USA tariffs, while US economic growth, though not as robust as a few months ago, is still strong. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump said.

So far, Trump administration officials have offered tempered optimism on China's ability to move ahead with verbal commitments following years of broken promises. "If it is, we will get it done". They intend to start purchasing agricultural product immediately.

Fresh off the G20 Summit, President Trump was smack talking toward China on Twitter on Tuesday morning.

He then referred to his plan for escalating 10% duties on Chinese imports to 25%, tweeting: "Remember I am a Tariff Man". When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. "It will always be the best way to max out our economic power", he said on Tuesday.

In his briefing with reporters, Kudlow said he assumed that the Chinese would eventually drop their auto tariffs altogether. "MAKE AMERICA RICH AGAIN", he continued.

"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign", Trump said.

The president tweeted directly to USA farmers, some of whom have suffered as a result of Chinese counter-tariffs, to say "Farmers, I LOVE YOU!"

China imposed a retaliatory 25 percent tariff on imports of cars from the US over the summer in response to Trump's own tariffs.


White House economic adviser Larry Kudlow says there is no "specific agreement" between the United States and China that would address China's tariffs on USA auto imports but says he "expects" those duties to go to zero.

"There's a specific understanding that we're going to now turn the agreement the presidents have into a real agreement over the 90 days", Mnuchin told reporters during a gaggle outside the West Wing, while the president was busy tweeting on the topic and said he has a "very strong and personal relationship" with President Xi.

It also said China had agreed to start buying farm products from U.S. farmers immediately. The Chinese market, he noted, is good for more expensive cars manufactured in Europe, but also smaller, more affordable ones produced in Japan and South Korea; it's the American-made cars like trucks and big SUVs that don't have quite the same appeal.

Behind Beijing's apparent caution may also be a whiff of fear that the truce might not last, said Andrew Gilholm, of the consultancy Control Risks.

Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the USA and China, but "it remains to be seen" what results it will yield.

A White House official said it started on December 1.

With the pause in place, . the 90-day period begins on January 1st, . with the two countries expected to continue talks throughout that period.

One Chinese official said officials were "waiting for the leaders to return" before publicising details. "Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro on seeing whether or not a REAL deal with China is actually possible".

Recommended:

  • US Secretary of Defense: Vladimir Putin is

    US Secretary of Defense: Vladimir Putin is "slow learner"

    Such an opinion during the California Security Forum was expressed by US Secretary of Defense James Mattis, Reuters reports . Russia said the Ukrainian ships had breached the Russian border and conducted unsafe movements in spite of Russia's orders.
    Google’s ‘Hummingbird’ could make running all apps everywhere a reality

    Google’s ‘Hummingbird’ could make running all apps everywhere a reality

    Once a user selects an unwanted call/message, DND will auto-generate the report and send them to the relevant carrier. Instead, this is a curated selection of the best that came out this year for a global audience, according to Apple .
    Oil prices soar after US, China suspend trade hostilities

    Oil prices soar after US, China suspend trade hostilities

    It also shares the world's largest natural gas field, the North Field, with Iran. It traded at just over $61 a barrel Monday.
  • Priyanka Chopra and Nick Jonas marry in India

    Priyanka Chopra and Nick Jonas marry in India

    The reason Priyanka is getting trolled on Twitter right now, has something to do with a social campaign she did some time back. He saw her approach in a Michael Kors dress, and he promptly got down on one knee and said, out loud, "You're real".
    Rumor: Google to shut down Hangouts in 2020

    Rumor: Google to shut down Hangouts in 2020

    Development on Google Hangouts effectively ceased in early 2017, with users of feature like SMS directed to switch to other apps. Hangouts for Enterprise customers was split into Hangouts Chat and Hangouts Meet back then.
    Powell Opens Door to Possible Pullback in Fed Rate-Hike Outlook

    Powell Opens Door to Possible Pullback in Fed Rate-Hike Outlook

    The impact of Powell's comments is visible in the spread of Euro-dollar interest rate futures between Dec 2018 and Dec 2019. Tom Porcelli of RBC Capital Markets said investors were wrong to interpret Powell's words as "dovish".
  • Samsung Promotes Galaxy Note 9 On Twitter…Using an iPhone

    Samsung Promotes Galaxy Note 9 On Twitter…Using an iPhone

    Credit: ShutterstockBy the time the device launches, AT&T's 5G network could be active in as many as 19 cities. The announcement by the companies may point to a 5G-capable Galaxy S10 that would be exclusive to Verizon .
    These are the final colorful socks worn by late President Bush

    These are the final colorful socks worn by late President Bush

    Jim McGrath , spokesman for the Bush family, tweeted out a photo on Sunday night, captioning it "mission complete". Bush's funeral in Washington, D.C. will be at 11 a.m. on Wednesday at the Washington National Cathedral.
    Indonesia says Lion Air jet that crashed was not airworthy

    Indonesia says Lion Air jet that crashed was not airworthy

    The report repeats recommendations that pilots be better versed in emergency procedures aware of past aircraft problems. Pilots tried to correct this by pointing the nose higher, until the system pushed it down again.
  • Trump reaffirms commitment to hold summit with Kim Jong

    Trump reaffirms commitment to hold summit with Kim Jong

    On Friday, Trump discussed the situation with South Korean President Moon Jae-in on the sidelines of the G20 summit. They have also begun work to reconnect a train line and fix another rail link across the border.
    Saudi Crown Prince sidelined in G20 family photo

    Saudi Crown Prince sidelined in G20 family photo

    Macron , undeterred and continuing on with the conversation, later says "I'm a man of my word". The CIA has said that Prince Mohammed, Saudi Arabia's de facto leader, ordered the murder.
    Priyanka Chopra, Nick Jonas set to marry in royal style

    Priyanka Chopra, Nick Jonas set to marry in royal style

    News reports earlier stated she demand a bomb from Nick to get his hidden marriage shoes back as part of the wedding ritual. He took this as a good sign and said, "I'm going to put this ring on your finger now unless you have any objections".


Popular

James Comey Backs Off Legal Fight, Agrees to Testify Privately
Under the agreement, Comey will withdraw his legal motion and the committee will withdraw its subpoena, according to the report. The committee will give Comey a full transcript of that testimony within 24 hours, which he is free to make public.

President Trump stops briefly at George H.W. Bush's wake, salutes, leaves
President Donald Trump , who has in the past clashed with the Bush family, will attend the funeral with his wife Melania. Bush will be buried next to wife Barbara, who died in April , and daughter Robin, who died of leukemia aged three.

Troops sent to Russian border as tensions rise
According to the statement, 17 ships are waiting at the exit of the Azov Sea, and another nine are at berths in the ports. They have a nuclear capability and could reach European cities "within minutes and with little or no warning".

Seahawks offensive grades vs. 49ers: Russell Wilson is a beast!
Defending Russell Wilson Speaking of Wilson , the Niners defense will certainly have its hands full with the Seahawks quarterback. ESPN .com's Brady Henderson says the Seahawks padded their playoff chances in their blowout win over San Francisco.

Man City boss Guardiola defends Klopp’s Everton antics for THIS reason
We have to be together. "It was a lucky day for Liverpool because they didn't deserve to win", Silva said. Writing in his pre-match programme notes, Klopp opened by thanking Coleman for the gesture.

USA and China 'will impose no new tariffs'
The price increase sparked a major hit to the roughly $10 billion worth of passenger vehicles the USA sent to China a year ago . After being spooked by the conflict, investors returned to buying following the long-awaited meeting between the two presidents.

Nick Jonas, Priyanka Chopra post wedding on social media
The official Twitter page of PETA India, shared the following video and tweeted, "Dear Priyanka Chopra and Nick Jonas ". Jonas, formerly of the teen pop-rock group Jonas Brothers, posted the same message on his social media account.

Funeral And Memorial Services Announced for George H.W. Bush
The heartwarming image of Sully by the casket was tweeted by Jim McGrath, former President Bush's spokesman, on Sunday night. He will be buried at the presidential library in Texas, alongside his wife, Barbara Bush, who died seven months ago.

New 'Captain Marvel' Poster Ahead of Marvel Trailers
It also showcases a number of Air Force planes on her right and a number of Kree spaceships on her left. The first trailer did not really depict her powers and it was only in the last shot we saw a glimpse.

AWS goes blockchain: The cloud giant announces two distributed ledger services
CEO Andy Jassy announced the launch of Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain according to Zdnet . About a year ago, AWS chief executive officer, discarded any form of interest in blockchain services .