Markets

China is preparing to buy U.S. liquefied gas and soybeans again

China is preparing to buy U.S. liquefied gas and soybeans again”

Chinese official statements to date have not referenced the 90-day deadline or the specific issues cited by the White House, instead emphasizing that the talks would be aimed at negotiating a removal of each side's additional tariffs and suggesting that "reasonable US concerns" could be gradually resolved as China undertakes a new round of economic reforms.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.

Trump applauded the news in a tweet.

Financial markets surged on the news of the ceasefire, with the benchmark Dow Jones Industrial Average up 1.2 per cent, more than 300 points, about 30 minutes after the open, relieved that some of the immediate threat of further damage was averted.

Donald Trump suggested Tuesday that he could extend a 90-day truce in his trade war with China, while his top White House economic adviser backtracked from the president's announcement that Beijing had agreed to reduce tariffs on USA -made cars.

Trump and Xi agreed to pause the trade war between the world's two largest economies for 90 days, but no concrete commitments were made. As part of the agreement, Trump - who called the deal "incredible" - said that he'll delay the United States' plan to impose tariffs on $200 billion in Chinese goods. Meanwhile, affected companies should also consider submitting tariff exclusion requests for products on the $16 billion list, which are due by December 18, 2018.

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Ahead of the statement from China, President Trump sounded optimistic, but reiterated his tough stance.

"We are confident in implementation ..."

"Ninety days is very little time to fix these perennial issues", said Bill Adams, senior economist at PNC.

"Xi would be a lot more amenable to re-engaging in negotiations as China's economy continues to weaken as indicated by the fact that China's PMI for November dropped to its lowest level in 28 months, and the sustained decline in China's stock market that it have been experiencing since late January when Pres. Trump hit China with his initial tariff proposal", Feinseth wrote. Ultimately, I believe, we will be making a deal - either now or into the future.

China has pledge to implement the changes agreed at trade talks between Presidents Trump and Xi "as soon as possible", but it has not repeated claims from senior figures in the United States that it will happen "immediately", he said.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.

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"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". Kudlow told reporters at the White House that he believes the president expects China will reduce its vehicle tariffs to zero. "We don't have a specific agreement on that", he said.

"I don't think this meeting, or anything else for that matter right now, is moving towards auto tariffs", Kudlow said.

Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, chief economic adviser Larry Kudlow and other administration officials were meeting individually with executives from each of the three automakers.

China retaliated by raising its own charges on US imports.

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

Daimler chairman Dieter Zetsche told reporters that additional USA investments are contingent on conditions remaining the same.

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US business leaders welcomed the news of a delay of an increase in the tariff rate between the USA and China.



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