If No China Trade Deal Possible, ‘I Am a Tariff Man’

Alicia Cross
December 8, 2018

Last week, BMW said it was considering building a second manufacturing plant in the United States that could produce engines and transmissions, drawing praise from Trump, who has made the revitalization of US manufacturing a key pillar of his economic program.

The United States expects China to take immediate action to cut tariffs on USA 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. And it has said nothing about a 90-day deadline for the talks.

The US trade deficit with China was $335 billion previous year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.

President Donald Trump on Wednesday scrambled to reverse a stock market plunge over fears his China trade deal won't happen, arguing Beijing was sending "very strong signals" and that he believed President Xi Jingping's promises.

BMW used the opportunity "to explain in detail the extent of its footprint in the USA" and that the "mandate to talk about global trade politics rests exclusively with the relevant political institutions", the company said in a statement. Asked if there was a specific agreement to remove the tariffs, he said: "Yes, there was".

Mnuchin also stressed the USA expects immediate action from China on its trade commitments.

"He's the toughest negotiator we've ever had at the USTR and he's going to go chapter and verse and get tariffs down, non-tariff barriers down and end all these structural practices that prevent market access", White House trade adviser Peter Navarro told National Public Radio on Monday.

Mnuchin stressed that the two leaders had detailed conversations on 142 items and said the goal now was to turn the talks into a "real agreement".

Investors were pleased by the news.

The Dow Jones industrial average lost close to 800 points - just over 3%. She also said China's willingness to approve a merger between QUALCOMM, Inc.

HBO releases first official teaser for 'Game of Thrones' season eight
Game of Thrones season seven saw the Night King start his path of destruction as he moved further into Westeros. As soon as there is some actual information about season 8 of Game of Thrones we will let you know.

Britons get starring role in Golden Globes nominations
Interested in Golden Globes? She won a Golden Globe in 2006 for actress in a supporting role in a series for Grey's Anatomy . The duo won praise for their chemistry when they were presenting at the Emmy Awards for television in September.

The nation honors George H.W. Bush
Bush's personal relationship with his Secret Service details will also be on full display throughout the week of events. The former President, who suffered from a form of Parkinson's disease late in life, had used a wheelchair since 2012.

The Trump administration is celebrating the 90-day truce it reached in its trade war with China as a significant breakthrough despite scant details, a hazy timetable and widespread skepticism that Beijing will yield to USA demands anytime soon.

Stocks, which temporarily rallied on Monday after Trump's tweets, fell once more after the White House and China walked back his enthusiasm. It also said China has agreed to start purchasing agricultural products from USA farmers immediately. Instead, the two sides are to negotiate over USA complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology.

Daimler chairman Dieter Zetsche told reporters that additional US investments are contingent on conditions remaining the same. In September, the Trump Administration had imposed the 10 percent duties on imports from a wide range of sectors and announced that the tariffs would increase to 25 percent on January 1.

"The negotiations with China have already started".

Beijing has tried without success to recruit France, Germany, Japan and other government as allies against Trump. Almost all the cars they sell in China are made there.

"My meeting in Argentina with President Xi of China was an extraordinary one", Trump tweeted on Monday.

China has its own grievances. Xi's government complains Chinese companies are treated unfairly in American security reviews of proposed corporate acquisitions, even though almost all deals are approved unchanged.

Complicating the challenge, Trump's complaints strike at the heart of the Communist Party's state-led economic model and its plans to elevate China to political and cultural leadership by creating global champions in robotics and other fields.

Cui put the odds of an agreement at "higher than 50 percent" but said he had no idea how long that might take. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Here's a sampling of what they had to say.

Without that, hardliners in Washington "will urge Trump to resume escalation", they said.

Other reports by Free-Prsite

Discuss This Article