Trump says China agrees to ‘reduce and remove’ tariffs on United States cars

Trump Winning battles in the wars against fentanyl and trade with China

It then raised tariff rates to 40 percent amid the escalating trade war with the U.S.

However, while the agreement provides breathing room for the US and China - and the global trading system as a whole - a final resolution to the US-China trade war remains far from certain.

"China will still need to prepare for the worst scenario of a "decoupling" of the Chinese and American economies, in particular in the high-tech sector", Wang Yong, the director of the Center for International Political Economy at Peking University, said, adding that Beijing faced an increasingly hawkish Trump administration. "The existing tariffs are still having a negative impact on the Chinese economy, they haven't gone away". Had a deal not been struck, tariffs on US$200bn worth of Chinese goods would have risen from 10% to 25% at the start of 2019.

Trump agreed to postpone the raising of tariffs on goods from China worth USA $200 billion from 10 percent to 25 percent, which had been scheduled for January 1.

Even the 90-day deadline set by the Trump administration was nowhere to be found in Chinese media coverage.

China responded by imposing its own tariffs. For example, the Trump administration's concerns about China's alleged theft of USA intellectual property remain in place and Beijing's broader push for indigenous advances in its hi-tech sector under the aegis of the "Made in China 2025" initiative have yet to be addressed.

China imposed a retaliatory 25% tariff on imports of cars from the USA over the summer in response to Trump's own tariffs. Despite short-term optimism, however, the China-U.S. trade dispute is very complex and involves issues that are beyond trade, according to investment adviser Peter Creedon.

According to a statement from the White House, China will purchase a "very substantial" amount of agricultural, energy, industrial, and other products to reduce the bilateral trade imbalance.

G20 Argentina China President Trump President Xi Jacquie Kubin Fentanyl Trade
Stopping China’s Fentanyl River

Xi and leaders from the BRICS group of leading emerging economies - Brazil, Russia, India, China and South Africa - called in a statement on Friday for open worldwide trade and a strengthening of the World Trade Organization (WTO).

Meanwhile, China has targeted $110 billion worth of USA imports for tariffs. It's unlikely that a one-time boost in purchasing American exports will change that, and it's not at all clear that China will be able to pressure domestic businesses into making those purchases while the tariffs it erected against American farm products are still in place. The deadly synthetic opioid is responsible for tens of thousands of USA drug deaths annually.

"The Chinese public needs to keep in mind that China-US trade negotiations [will] fluctuate".

Nevertheless, businesses should continue to brace themselves for heightened tariffs.

"We make the finest and cleanest product in the World, and that is what China wants", he wrote on Twitter.

"With Trump himself having personally negotiated the latest deal, this one has a much greater chance of leading to a lasting truce", he wrote in a research note. We'll know more when the White House sends out an official statement.

Wang added that China is willing to expand imports from the USA according to "the needs of the domestic market and the Chinese people" and that both parties are working to remove all tariffs, according to China Daily.

Moreover, the Chinese statement omits some of the United States language and tends to refer to its commitments in broader terms. "I don't agree with that", he said.

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