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Doubts on the rise about the US-China ceasefire
05 December 2018, 04:31 | Austin Hogan
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start
"We don't yet have a specific agreement on that", Kudlow said on a conference call with reporters.
While Mnuchin said the president reserves the right to escalate tariffs should negotiations not pan out as planned, he cast the weekend's talks as a breakthrough in the administration's efforts to check China and said the discussion included everything from purchasing more United States goods to intellectual property, to currency manipulation.
The US expects China to take immediate action to cut tariffs on US vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Kudlow, director of the White House National Economic Council, said Monday.
He said the United States should look into a rule that would bar imports of Chinese products that used stolen USA intellectual property.
The warning comes days after Trump and Chinese President Xi Jinping made a preliminary trade agreement to delay the trade war's escalation.
Treasury Secretary Steven Mnuchin said on CNBC the U.S. and Chinese had "very specific discussions" in Buenos Aires Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.
The sources said the Chinese were surprised by the decision, having dealt mainly with Treasury Secretary Steven Mnuchin on trade issues in the past.
In the day after Trump announced the deal in a two-sentence Twitter post, the White House provided no additional information.
China imposed a retaliatory 25 percent tariff on imports of cars from the US over the summer in response to Trump's own tariffs.
While Washington touted the immediate increase in Chinese purchases of U.S. agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.
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What is clear is that if no deal or further extension of talks is agreed upon by March 1, the US's tariffs on roughly $200 billion worth of Chinese goods will increase from the current 10% rate to 25%. Trump said on Tuesday that Lighthizer would work closely with Mnuchin, Kudlow and trade adviser Peter Navarro. "It will always be the best way to max out our economic power".
In a series of tweets, Trump celebrated the opening of negotiations between China and the US.
The U.S. leader said U.S. farmers "will be a very BIG and FAST beneficiary of our deal with China. But if not remember, I am a Tariff Man", the commander-in-chief wrote about the agreement.
But the deal was also vague, and the uncertainty has led to skepticism that the divides between the USA and Chinese goals can be bridged.
What is mentioned by both sides is China's agreement to more strongly control the trade in the opioid Fentanyl.
As reported by Reuters, fresh concerns are on the rise surrounding the temporary US-China truce that was struck over the weekend.
Also contributing to the decline are increased fears about future US economic growth.
The Chinese government's top diplomat, State Councillor Wang Yi, was less specific, telling reporters China will import more products, based on market demand, from the United States in efforts to gradually ease imbalances in two-way trade.
Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.
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