Markets dive after ‘Tariff Man’ threat by Donald Trump

Markets dive after ‘Tariff Man’ threat by Donald Trump

John Williams, president of the Federal Reserve Bank of NY, also unnerved investors by telling reporters Tuesday that he supports further Fed rate hikes.

China, for its part, also agreed to offset its massive trade imbalance with the U.S.by buying more, but not yet specified amounts, of energy products, agricultural, industrial and other products.

Trump has exaggerated the effect of the tariffs on US revenue. He said the "implicit potential threat" of new tariffs had been reduced after the meeting. They announced that China had agreed to buy many more American products and to negotiate over the administration's assertions that Beijing steals American technology.

Volkswagen AG and Daimler AG executives both said they thought the chances that new tariffs will be imposed had been lessened following the meeting.

"I think that if you put the two press releases together, you can see what basically happened", Cui Tiankai told Reuters in Washington on Monday after returning from Buenos Aires, where he had joined Xi's delegation.

Stocks in the U.S., Europe and Asia fell sharply after Trump declared himself "a Tariff Man" who wants "people or countries" with intentions to "raid the great wealth" of the U.S.

Trump and si entered into a 90-day trading the truce, postponing the scheduled January 1 increase USA import duties on Chinese goods worth $ 200 billion with 10 to 25%, while there is discussion of a trade transaction.

However, Mr Trump risked more confusion over the state of relations when he took to Twitter to say: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.

Lawmakers considering stopgap spending measure ahead of governme
Conservatives across the country are calling for Congress to approve additional funding for the border wall. The president has demanded $5 billion in funds for a wall across the Southern border with Mexico .

On Monday, Kudlow said there was an "assumption" that China would eliminate auto tariffs, not a specific agreement.

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the USA and China failed to reach an agreement to at least postpone that move.

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.

Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.

Goldman Sachs analyst Alec Phillips said the USA and China made little concrete progress at G20, which was what he anticipated heading into the meeting. We are right now taking in $billions in Tariffs. Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on US autos.

"China will start with the implementation of the specific matters in which consensus has been reached, the sooner the better", it added, without providing more details.

Related Articles

  • May indicates MPs could decide if Northern Ireland backstop is triggered

    May indicates MPs could decide if Northern Ireland backstop is triggered

    Mr Grogan ( Keighley ) said: "The deal the Prime Minister is offering us is reality a blind Brexit". Whichever we look at it we are in for a period of prolonged uncertainty.
    Kevin Hart steps down as Oscars host

    Kevin Hart steps down as Oscars host

    This year's Oscar nominees are expected to be announced on January 22, while the ceremony is scheduled for February 24. Earlier in the day, he said that he is in a "great, mature place" now and asked people not to judge him by his past.
    Ubisoft teases post-apocalyptic Far Cry project

    Ubisoft teases post-apocalyptic Far Cry project

    The Far Cry New Dawn trailer debuted at The Game Awards and looks, slightly, like Far Cry's prehistoric venture Far Cry Primal . As for the teaser trailer below opens with a picturesque farm and a voiceover saying "none of us were ready for the end".
  • He was United States  attorney general 25 years ago. Trump wants him back

    He was United States attorney general 25 years ago. Trump wants him back

    Bush gestures while talking to Attorney General William Barr in the Oval Office of the White House, May 4, 1992 in Washington. I suspect that might be the case, and that Barr got chosen - at least in part - to avoid the issue.
    Captain Marvel Trailer Synced With Destiny's Child 'Survivor' Is Utterly Epic

    Captain Marvel Trailer Synced With Destiny's Child 'Survivor' Is Utterly Epic

    It's a deep love relationship; it's not by the same lustful definition that we usually attribute to movies of this size. Who exactly is Carol Danvers? The second trailer is expected to showcase further what she can do and how she fights.
    Trudeau denies involvement in Huawei arrest

    Trudeau denies involvement in Huawei arrest

    Huawei derives around half of its revenue from supplying equipment to telecoms carriers around the world. China urged Canada and the USA to "clarify" the reason for Meng's arrest and demanded her release .
  • GOP Michigan Senate votes to strip Dem's power

    GOP Michigan Senate votes to strip Dem's power

    Bills advancing in Michigan's Republican-controlled Legislature would strip power from the incoming Democratic secretary of state. The proposal up for a vote would weaken the governor's power to put in place administrative rules enacting state laws.
    Mika Singh released, will be produced before UAE court: Envoy

    Mika Singh released, will be produced before UAE court: Envoy

    Bollywood singer Mika Singh has been arrested by Dubai police for alleged sexual misconduct, reported Republic TV on Thursday. One can not forget the famous controversy of 2004 where Rakhi Sawant claimed he forcibly kissed her at her birthday party.
    'Game of Thrones' trailer shows a chill creeping into Westeros

    'Game of Thrones' trailer shows a chill creeping into Westeros

    Renfro wonders if the two converging is representative of what happens when a wight-dragon fights a regular dragon. Game of Thrones season 7 ended with the Night King breaking down The Wall by melting it with the dragon's fire.
  • Cruel Injury Blow, 4 Could Miss Huddersfield But Defender Returns

    Cruel Injury Blow, 4 Could Miss Huddersfield But Defender Returns

    Today it's very early because this morning we have been working, but with the players who didn't play yesterday. He's had an outstanding year so far and this injury could affect him for the rest of his career.
    1st Test: India 250/9 at stumps against Australia

    1st Test: India 250/9 at stumps against Australia

    Expressing faith in his bowlers, Paine said: "We have obviously got a lot of confidence in Nathan Lyon bowling a lot of overs". Paceman Mitchell Starc was one of four Australian bowlers to claim two wickets and said his team was in an excellent position.
    Sean Penn filming documentary on murder of journalist Jamal Khashoggi

    Sean Penn filming documentary on murder of journalist Jamal Khashoggi

    Some 14 million people face starvation, and recent studies estimate 85,000 children under five have starved to death. Blunt is a member of the Senate Intelligence Committee and the fourth-ranking member of Senate GOP leadership.