US wants ‘concrete’ trade action from China

Getty Image

The appointment of Lighthizer, the hardline U.S. trade representative, to lead the talks instead of Treasury Secretary Mnuchin puts one of the administration's toughest China critics in charge.

"If it is, we will get it done". In midday trading, the Dow Jones industrial average had dropped more than 600 points or about 2.4 per cent.

The Republican president appeared to address one of the concerns by indicating he would not be opposed to extending the 90-day truce.

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of USA tariffs, while US economic growth, though not as robust as a few months ago, is still strong.

Earlier on Tuesday, Treasury Secretary Steven Mnuchin also raised the prospect of the deadline extension. "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". But it raised its tariff on US cars to 40 percent earlier this year in retaliation for Trump's tariffs on Chinese goods.

China also agreed to lift tariffs, including reducing its 40-percent tariff on American cars, . which Mnuchin expects will eventually "fall to zero".

While the two sides left talks in Buenos Aires, with an upbeat attitude, confusion and a lack of clarity around what exactly Trump and Xi agreed to has left many experts skeptical that a concrete deal can be reached in such a short window.

Meanwhile, as Trump and White House officials tout the truce, Beijing has said little on a pact that cheered markets but left many questions unanswered.

The United States expects China to take immediate action to cut tariffs on U.S. vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said on Monday.

'Mission complete': Bush's service dog lies by casket
Bush spokesman Jim McGrath tweeted Monday that Bush will be laid to rest wearing gray socks honoring his days as a naval aviator. Trump proclaimed Wednesday a national day of mourning and ordered all executive offices and agencies of the government to close.

Jose Mourinho salutes ‘amazing’ Man United star after Southampton draw
Pogba, 25, returned to the team after being benched for the Red Devils' midweek Champions League victory over Young Boys. Great examples of players fighting until the limits.

US, Canada, Mexico Sign New Trade Deal
In an interview this week with Bloomberg , Toomey said that the USMCA is "frankly, not really as good as the underlying NAFTA ". Still, Trump projected confidence, saying: "It's been so well reviewed I don't expect to have very much of a problem".

"I think there'd be quite a burst in shipments of small, less-expensive Korean cars to China, and also of parts, that's another big part of auto trade", he said.

Dealing with the central issue of China's forced technology transfers and subsidies "will require time, communication and good-will - a rare trifecta these days", he said.

Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but United States markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.

Mnuchin cast the weekend dinner as a breakthrough in the trade standoff with China and said there were "very, very specific" items that the two leaders agreed to have incorporated into a broader agreement that has yet to be finalized.

Mr Trump has long accused China of unfair trade practices that hurt United States citizens and the economy.

"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".

"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said.

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

Related news:

Hot News

isis-killer-beheading-video-story-top Ohio State coach Urban Meyer to retire after Rose Bowl
Dec 05, 2018 - 01:11
With the Class of 2019 early signing period two weeks away, Meyer's announcement and Day's immediate promotion were calculated. And no disrespect to the other Bowl games, because they're awesome, but the Rose is the one we've always looked forward to.

isis-killer-beheading-video-story-top USA takes aim at China, Iran, Russia over treaty violations
Dec 05, 2018 - 00:56
Resolution 2231 was passed in 2015 to endorse the freshly-signed deal between Iran and leading world nations (known as JPOC). In Paris, the French foreign ministry also said the missile test was not in compliance with the United Nations resolution.

isis-killer-beheading-video-story-top British government forced to back down in Brexit legal advice row
Dec 05, 2018 - 00:43
The prime minister lost a government motion heading off the demand for the legal advice by four votes, 311 votes to 307. Labour Party Brexit spokesman Keir Starmer called the contempt finding "a badge of shame" for the government.

isis-killer-beheading-video-story-top Trump demands jail term for his ex-lawyer
Dec 04, 2018 - 11:48
Corsi with an alleged false statement", unless he gives them "false testimony" against Trump and others. The complaint states that Mueller's office is now "knowingly and deceitfully threatening to charge Dr.

isis-killer-beheading-video-story-top Things to know about George H.W. Bush funeral services
Dec 04, 2018 - 11:47
Bush over the weekend, his beloved service dog was by his side to the end. - Sully was placed with 41st president in late June. Relatives accompanying the casket will include his sons, former President George W.

isis-killer-beheading-video-story-top Brian Mulroney remembers George HW Bush as 'a great friend of Canada'
Dec 04, 2018 - 11:46
The Baltimore Orioles baseball team announced plans to join in mourning the loss of the former president as well. President, Donald Trump, and his wife, Melania, the Trumps lauded the contributions of the ex- American leader.

isis-killer-beheading-video-story-top May threatened with 'historical constitutional row' over Brexit deal
Dec 04, 2018 - 11:35
Many of May's critics want her to go back and renegotiate - some suggest she could do so immediately. Between 80 and 100 Conservative MPs are thought to be ready to vote against the deal.

isis-killer-beheading-video-story-top Luka Modric wins 2018 Ballon d'Or
Dec 04, 2018 - 11:14
Luka Modric said he wants to retire at Real Madrid after beating Cristiano Ronaldo and Lionel Messi to the Ballon d'Or . Modric , 33, won his third successive Champions League in May before helping Croatia to a first World Cup final .

isis-killer-beheading-video-story-top Samsung, Verizon to Launch 5G Smartphone in First Half of 2019
Dec 04, 2018 - 11:10
An illustration depicted in the patent filing shows a Galaxy device with a fingerprint sensor on the back of the display. The big question is whether the 5G upgrade will matter in the smartphone market.

isis-killer-beheading-video-story-top Trump, Xi agree to temporary truce on trade
Dec 03, 2018 - 01:44
Trump left immediately to board Air Force One for Washington, having spent two days attending the summit of G20 countries. China retaliated with import taxes on soybeans- a major American agricultural export- and cars and liquified natural gas.

isis-killer-beheading-video-story-top Ohio State edged out of College Football Playoff
Dec 03, 2018 - 01:29
The Crimson Tide is the only team to advance to all five College Football Playoffs since the inaugural tournament in 2014. The Bulldogs dropped from No. 4 to No. 5 after squandering a 14-point lead to top-ranked Alabama in the SEC Championship.

isis-killer-beheading-video-story-top MLB Rumors: Mets Nearing Trade For Mariners’ Edwin Diaz, Robinson Cano?
Dec 03, 2018 - 01:19
Jeff Passan of Yahoo Sports reports that there has been "significant momentum" toward a Cano trade with the Mets and Mariners . Cano, meanwhile, was limited to just 80 games thanks to an 80-game suspension for performance-enhancing drugs.

isis-killer-beheading-video-story-top Amber Guyger’s Attorney Calls Indictment ‘Vindictive Emotion’
Dec 03, 2018 - 01:01
Lee Merritt , an attorney for the Jean family, has said the document is an attempt to "condone what happened, give her a break". Speaking at a news conference Friday, Allison Jean said she believed Guyger "inflicted tremendous evil on my son".

isis-killer-beheading-video-story-top Microsoft catches up with Apple's stock market value
Dec 02, 2018 - 02:09
Apple has slid amid growing concerns the company is seeing weak demand for iPhones , by far its biggest product line. However, for a brief moment on Monday, Microsoft surpassed Apple to become the most valuable company in the world.

isis-killer-beheading-video-story-top Yemen conflict: USA defends backing for Saudi-led coalition
Dec 02, 2018 - 02:03
Pompeo argued that the war in Yemen would be "a hell of a lot worse" if the United States were not involved. Those named include Saud al-Qahtani, a former assistant to the Crown Prince who was sacked in October.