Secretary Mnuchin expresses confidence on trade negotiations with China

Secretary Mnuchin expresses confidence on trade negotiations with China

Already there was confusion over when the 90-day period would start. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump said on Twitter.

Earlier on Tuesday, Treasure Secretary Steven Mnuchin also raised the prospect of the deadline extension.

Treasury Secretary Steven Mnuchin said on CNBC the USA and Chinese had "very specific discussions" in Buenos Aires on Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

Trump has said China is supposed to start buying agricultural products immediately and cut its 40 percent tariffs on US auto imports.

The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him. However, at least one major Chinese state media outlet mentioned it on its account on Chinese social media platform WeChat, referring to the White House statement.

Despite the president's detailed claim, the president's top economic adviser, Larry Kudlow, said Monday that there is no "specific" agreement on what level Chinese auto tariffs will drop to, while Mnuchin said the two leaders had "specific discussions on where auto tariffs will come down to" but said he wasn't in a position to publicly reveal what the numbers in the tentative agreement are, nor did he clarify whether tariffs will be completely removed or reduced.

Per the White House: "China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries".

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Time is running out for the United States to ship soy before Brazilian farmers start their harvest, US analysts said.

White House National Security Adviser John Bolton told the Wall Street Journal CEO Council meeting on Tuesday that Chinese theft of USA intellectual property was among the administration's top concerns.

Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".

U.S. Representative Steve King, an Iowa Republican, in February 2017 introduced a bill that would have allowed the U.S. government to punish Chinese intellectual property theft by imposing duties on the country's imports.

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

Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante.

The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator".

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