White House contradicts Trump, says there's no deal with China

White House contradicts Trump, says there's no deal with China

Trump warned that although he and Xi want to get to an agreement "remember, I am a Tariff Man". The White House's official statement says nothing of the sort; it only says the US will hold negotiations with China on the latter's "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture".

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 USA markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.

"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", he said. "It will always be the best way to max out our economic power". We are right now taking in $billions in Tariffs.

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Asked whether China would remove the 40% auto tariffs Larry Kudlow, the U.S. president's top economic adviser, said he "believed that commitment was made".

China's foreign ministry, the only government department that holds a daily briefing foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything.

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

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The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him. In July, Trump said he was willing to slap tariffs on every single Chinese import if China did not agree to an acceptable trade deal.

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. China has also agreed to buy more American farm goods, industrial goods, and energy, and to target fentanyl, a drug that has caused a large number of overdoses in America.

The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator".

In a series of tweets, Trump celebrated the opening of negotiations between China and the US. In September, Washington went still further and announced 10 percent import duties on $200 billion worth of Chinese goods.

"Stuff is happening today", Kudlow said.

"The two key events of roughly the last week have been the painkiller dose offered by [Federal Reserve chair Jay Powell] and the soothing market effects of the so-called US-China truce", the Financial Times cited the high-profile analyst as saying.

Trump and Xi also 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, according to the White House statement.

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