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giftedviz.com December 10, 2018


China agreed to "reduce and remove" tariffs on cars

05 December 2018, 11:15 | Darnell Patrick

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President Trump added: "This was an unbelievable and productive meeting with unlimited possibilities for both the U.S. and China".

Before the meeting with Xi, Trump had set a January 1 deadline for increasing tariffs on $200 billion of Chinese goods from 10% to 25%.

Trump and Xi have agreed to avoid further escalation, but there is nothing in the read-outs provided by each nation that indicates a move towards reducing the current tariffs that have caused significant economic pain by raising prices for American manufacturers and by reducing American markets for Chinese exporters.

On Twitter, he said farmers would be a "very BIG and FAST beneficiary" and described the meeting with Chinese President Xi Jinping as "extraordinary".

Tensions between the United States and China rose in May when the USA administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months. China raised its tariff on auto imports from the USA from 15 percent to 40 percent in retaliation for Trump administration tariffs on imports from China.

In exchange, the two countries agreed to re-start talks on the USA concerns that triggered the dispute, including "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft", according to the White House.

While the Trump administration emphasized trade issues such as a 90-day moratorium on raising tariffs and Xi's concession to buy "very substantial" amounts of USA goods, China focused on diplomacy, regional issues and an agreement to try to quickly resolve their differences.

But as trade tensions ratcheted up with the U.S. this summer, Beijing retaliated by slapping vehicles imported from the United States with an extra 25 per cent tariff, bringing the total tariff rate to 40 per cent.

Chinese news outlets also claimed both sides plan to eliminate all tariffs, which doesn't appear in the USA statement.

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Trump went on to praise what he said was his "very strong and personal relationship" with Xi.

"Both sides believe that the principled agreement reached between the two presidents has effectively prevented the further expansion of economic frictions between the two countries", he said.

"If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%", the White House statement said.

At their dinner meeting in Buenos Aires Saturday, the two leaders agreed to suspend any new tariffs and give negotiators 90 days to strike a deal, sending stock markets soaring. It's more of a trade-war time out.

Business groups have welcomed those changes but say they don't address more important complaints about a thicket of rules limiting access to China's finance, logistics and other industries.

Also late Sunday, Trump said on Twitter that Beijing agreed to cut import duties on USA autos.

"This is probably the best case scenario that markets were hoping for", Rakuten Securities Australia, a brokerage based in Sydney, stated in a note.

The US president did not send any subsequent tweets Sunday explaining which auto tariffs would be removed, and which would be reduced. "Many people suspected that there may be a more disastrous outcome, this is definitely a relief".

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