Trump Says He's A "Tariff Man" If No China Trade Deal Possible

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Getty Image

Speaking to journalists in a follow-up conference call, economic advisor Larry Kudlow cautioned "we don't yet have a specific agreement on that", though he expects the tariffs to be dropped, according to the Los Angeles Times.

-China trade war, only to fall sharply on Tuesday as presidential tweets and contradictory messages from senior administration officials indicated that the "deal" might be less firm than previously thought.

China's reticence contrasted with the parade of USA officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow.

He said the United States should look into a rule that would bar imports of Chinese products that used stolen U.S. intellectual property.

Risk appetite returned across most markets on Monday as President Donald Trump and his Chinese counterpart Xi Jinping agreed to pause the introduction of new tariffs and intensify trade talks.

He said the United States should look into a rule that would bar imports of Chinese products that used stolen USA intellectual property.

U.S. Treasury Secretary Steven Mnuchin has made it clear there's only one person leading the trade negotiations with China.

Most particularly, one of the results of the G20 is that US President Donald Trump backtracked on plans of raising tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent starting from January 1, 2019, stressing the necessity of talks with Beijing and threatening to persist with his plans if they don't move any further.

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While Washington touted the immediate increase in Chinese purchases of USA agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.

The White House said Trump and Xi agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former USA government official who has been in contact with them.

Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment. "It will always be the best way to max out our economic power". "But as he found out with Mexico, Canada and now China, trade is more than the sum of goods and services exchanged between nations".

There was confusion over China's "agreement" to immediately buy large volumes of United States goods, particularly agricultural commodities.

"That's what happens when you don't have the detailed negotiations going into the summit" and end up with the "broad swath of a 35,000-foot deal", said Bonnie Glaser, a China expert at the Center for Strategic and International Studies in Washington.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, USA officials have said.

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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