U.S. Car Makers Losing Billions Due To Trump’s Tariffs

DEVELOPING US-China trade uncertainty fuels market plunge

DEVELOPING US-China trade uncertainty fuels market plunge

After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods.

White House aides have suggested that Trump is promoting tariffs merely as a tool to forge agreements that would actually eliminate all import taxes.

On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press.

"We are no longer in the same buoyant economic or markets environment that we enjoyed earlier this year when threats of tariffs against China were first made", she said.

"On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time".

Hours after threatening "major tariffs" on Chinese goods unless a new trade deal is reached, President Trump on Wednesday claimed his administration is hearing "very strong signals being sent by China".

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

The Chinese silence prompted questions about what Trump said was a promise by Beijing to buy more American exports and negotiate over USA complaints that it steals American technology. "Ultimately, I believe, we will be making a deal - either now or into the future", Trump tweeted on December 4.

Canadian officials announced Wednesday that Meng Wanzhou, Huawei's chief financial officer and the daughter of the company's founder, was detained in Vancouver last Saturday on suspicion of trying to evade USA sanctions on Iran.

It wasn't clear whether the preparations meant China would cut the retaliatory tariffs it imposed on those products, or when the purchases would happen.




Trump, meanwhile, in a post on Twitter, said he believes Xi had been honest during their meeting last Saturday to hammer out progress over trade.

But the United States leader kept up the threats as he warned that he was ready to make China "pay for the privilege" of selling in the U.S. market if the negotiations fail.

Beijing pledged to import more United States products to narrow its massive trade surplus with the U.S. following the Argentina talks, but it has given few details about what was agreed.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week. And at the opening of this week, the administration was already claiming progress with China on the purchase of $1.2 trillion worth of USA goods - even though White House officials couldn't supply any meaningful details.

Su believed that the important consensus reached by Xi and Trump would offer direction for future China-U.S. relations.

Stock markets rose on Monday after United States officials touted the agreement as a historic breakthrough.

His "tariff man" declaration also contradicts assertions made by the White House that Trump preferred a deal to tariffs. That's a worst-case scenario that would immediately establish tariffs and customs checks on hundreds of billions of dollars in exports between Britain and the 27 other European Union nations.

"The bottom line: Tariffs don't in fact make Americans richer", York said.

Mr Xi and his most senior officials, including the Commerce Minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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