China 'confident' of U.S. trade deal in 90 days as questions mount

China 'confident' of U.S. trade deal in 90 days as questions mount

Washington and Beijing agreed to a 90 day cease fire in their meeting in Argentina, as the two sides try to work out an escalating trade war.

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".

That gives the president 24 hours to fix the damage inflected when the market plunged nearly 800 points on Tuesday after a series of tweets from Trump suggested a trade war with China could resume next year.

"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina", he wrote.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing US trade deficits with those nations.

German automakers said after the meeting they told Trump they planned to boost US investments, but warned they would be unable to do so if the administration imposed new tariffs.

US negotiators have a list of 142 requirements that China has to agree to before it enters into a trade deal.

It did not give further details but it crucially did not contradict the USA president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection. Besides escalating existing tariffs, Trump had threatened to impose import taxes on the remaining US$267 billion of U.S. goods from China.

US President Donald Trump said Tuesday the talks to resolve the trade dispute with China had begun already and would last for 90 days unless they were extended.

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"Reaching an agreement within three months is a spur to not only China, but also the U.S. If the two sides fail to reach a deal, all the White House promises will be invalid", it said.

"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", he said.

Mr Trump has long accused China of unfair trade practices that hurt U.S. citizens and the economy.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. This fundamental misunderstanding of economics, combined with his reckless announcement of the detente that wasn't, scared investors and continues to undermine his administration's efforts at reaching a real trade deal with China. Trump has not promised to lift all tariffs against Chinese goods. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.

China has made no direct mention of specific goods it will buy. "It will always be the best way to max out our economic power", he said on Tuesday. Chinese shares closed lower yesterday amid similar doubts.

Also, China's commerce ministry made no mention of the vehicle tariff cuts which Mr Trump said earlier this week China had agreed to.

"You should talk to him", replied Abe, encouraging Xi to engage in direct conversations with Trump, knowing that he respects the Chinese leader.

The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the yawning trade gap. Chinese officials, meanwhile, did not confirm any of these details.

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