China-US Ceasefire Paves Way For New LNG Projects

Virginia Carson
December 5, 2018

White House economic adviser Larry Kudlow said on Monday that the USA and China are "pretty close" to an agreement on stopping IP theft, though he didn't give any details on the progress.

On Tuesday, President Trump has declared himself a "Tariff Man" in tweeting about the state of progress with China, doubling down the threat to raise tariffs on Chinese goods if a deal isn't solidified. As part of his Twitter storm today, the USA president called himself "Tariff Man" and then proceeded to demonstrate his lack of basic understanding about how tariffs work, seemingly ignorant of the fact that tariffs are in effect a tax paid by domestic consumers, not foreign countries.

China only recently signaled that it may back off from its strict foreign ownership requirements for vehicle factories. The US said that China will purchase a "very substantial" amount of US products to ease the trade imbalance, and would clamp down on the export of deadly synthetic opioid fentanyl to the US.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this

Treasury Secretary Steven Mnuchin said earlier in the day China has agreed to reduce tariffs on imported automobiles but declined to give details.

Trump recently voiced frustration with General Motors' decision to close a handful of North American factories, including a plant near an OH city where he promised voters that jobs would finally be coming back under his leadership.

US president Donald Trump expressed optimism for a US-China trade deal on Tuesday but warned if talks fall apart he is "a Tariff Man." . According to details released by the White House, Trump agreed to postpone a planned January 1 escalation of tariffs on Chinese goods for 90 days, while Xi agreed to buy more American agricultural goods in the meantime. On top of that, as Hudson Institute senior fellow John Lee wrote for CNN, backing down on protectionism, IP theft and forced technology transfers could well force Xi to scale down his ambitions for Chinese economic development.

Xi, Trump agree to continue trade talks, cease new tariffs
Ahead of the G-20, the US planned to increase tariffs on $200 billion in Chinese goods from 10% to 25%, effective January 1. President Donald Trump is hitting pause in the escalating trade war with China after a meeting with President Xi Jinping .

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 biggest economies in Buenos Aires.

As such, Trump was keen to reassure U.S. farmers that the negotiations with China would benefit them. The existing tariffs are already doing damage, the US Federal Reserve's rate rises and greatly-reduced purchases of US bonds and mortgages are draining stimulus from the economy and the impact of Trump's tax cuts is waning even as the legacy of those cuts and Trump's big surge in spending is showing up in swollen government debt and deficits.

"People think there is not "substance" behind Trumps tweets about tariffs so the markets are giving back the gains from before the G20 meeting", Michael Matousek, head trader at U.S. Global Investors, told ABC News. 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.

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"The market is trying to figure out: "Is there going to be a real deal at the end of 90 days or not?'" Mnuchin told the Wall Street Journal CEO Council".

In a series of tweets, Trump celebrated the opening of negotiations between China and the US.

White House trade director Peter Navarro detailed on Monday what the administration hopes to accomplish by lifting tariffs on China for 90 days.

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