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Trump meets with German auto execs, tweets 'I am a Tariff Man'

Trump meets with German auto execs, tweets 'I am a Tariff Man'”

Global markets cheered the weekend accord on Monday, only to reverse course Tuesday as doubts emerged over exactly what the world's two largest economies had agreed on.

But the Chinese commerce ministry said negotiators will "actively push forward negotiations within 90 days in accordance with a clear timetable and roadmap" - marking Beijing's first public acknowledgement of the deadline announced by the USA at the weekend.

In his latest Twitter storm, Trump said that his team of negotiators was still "seeing whether or not a REAL deal with China is actually possible", adding that China is "supposed to" start buying more U.S. agricultural products "immediately".

"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina", Trump said, speaking of China's attendance at the G-20 summit last weekend.

The White House on Monday had to correct a statement by economic adviser Larry Kudlow, who incorrectly told reporters in a conference call that the 90-day negotiating period between the US and China would begin on January 1 instead of December 1.

"We wouldn't be surprised if no agreement can be reached within 90 days, with the higher tariff rate coming into force only a few months later than originally planned".

China agreed to eliminate the retaliatory tariffs it had placed on U.S. soybeans, according to the White House, which also said Beijing had agreed to buy an unspecified but "very substantial" amount of agricultural and other products.

USA markets rallied on Monday following the Trump administration's claim of an imminent truce in the U.S.

When asked about structural changes the United States had made as a prerequisite to any trade deal, Mnuchin said he expected some things to be implemented "on a rolling basis" in phase two.

White House economic adviser Larry Kudlow said on Tuesday that a reduction in Chinese tariffs on USA cars and agricultural and energy commodities would be a "litmus test" for whether U.S.

Trump "shared his vision of all automakers producing in the United States and creating a more friendly business environment", the White House said in a statement afterward.

"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. I am a Tariff Man.

Pompeo said in Brussels on Tuesday the USA could abandon some worldwide agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organization rules.

The comments by the president and his top advisers over the past 48 hours have only added to China's confusion about their negotiating partners.

Megan Greene, chief economist at Manulife, said the market's recent decline had likely contributed to Trump's willingness to reach a truce.

Trump has exaggerated the effect of the tariffs on USA revenue. "It will always be the best way to max out our economic power", he said on Tuesday. Instead of being hammered out by lower-level officials, he said Xi came very prepared for the conversation, and that the deal was mostly done by the two leaders.

China has made no direct mention of specific goods it will buy. "ALL subjects discussed!" Trump tweeted on 5 December.

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

Chinese officials have been told to take necessary steps for the soybeans and liquefied natural gas purchases, according to two officials with knowledge of the discussions.

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

The US President said China was supposed to begin buying US agricultural products and others "immediately" as part of an agreement to reduce the trade imbalance between them.



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