China agrees to reduce tariffs on U.S. cars

G20: BRICS slam protectionism as China-US trade war dominate summit

The president also touted his personal relationship with Chinese President Xi, suggesting that it would be very productive in the future.

The two countries are also at odds militarily over China's extensive claims in the South China Sea and USA warship movements through the highly sensitive Taiwan Strait. Trump has also threatened to add tariffs on another $267 billion of Chinese imports. "The specter of higher and broader USA tariffs remains, and the underlying issues clouding the trade relationship are deferred to further negotiations".

What was agreed at the G20? .

10 percent tariffs on US$200 billion worth of goods, effective September 24, 2018.

The planned further negotiations to deal with "structural changes" in terms of forced partial transfer of technology, copyright protection, market barriers, Cyber-attacks, services and agriculture, said a spokeswoman for the White house.

The Chinese agreed to buy a "not yet agreed upon, but very substantial amount of agricultural, energy, industrial" and other products from the United States to reduce America's huge trade deficit with China, the White House said.

Late Sunday, Trump tweeted that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40 percent".

What's missing in China's official statement?

Before Shen heads to Mexico, Xi will meet with Trump at the G20 summit in Buenos Aires as their trade war shows no signs of abating. Ford decided not to import a crossover-ized Focus from China, Volvo began sourcing the XC60 from Sweden rather than from China, Buick considered canceling the American-spec Envision, and Cadillac stopped selling the hybrid CT6 it builds on the outskirts of Shanghai.

The United States has slapped steep tariffs on Chinese goods valued at $250 billion since the beginning of July, while China has retaliated with reciprocal tariffs on $110 billion worth of U.S. goods.

In order to secure the 90-day ceasefire from the US, China agreed to a number of additional commitments.

"It's 90 days. It's nothing and it doesn't really make any difference".




"China will be opening up".

What pushed the two sides to the table?

'China has agreed to start purchasing agricultural product from our farmers immediately'. By midyear, soybean exports to China were down by 20.5%, according to CNBC.

According to Masamichi Adachi, a senior economist at JP Morgan in Japan, "I do not think market consensus is looking for very significant progress, this is a temporary truce". These tariffs also will not be implemented before March 1, 2019.

In a series of tweets Monday, the president said his meeting with President Xi Jinping was an extraordinary one.

Will this resolve the dispute?

.

"It's hard to completely resolve all the USA concerns within 90 days".

To which Xi responded, "Only with cooperation between us can we serve the interest of world peace and prosperity".

"And we know that", Kudlow said.

"That's what happens when you don't have the detailed negotiations going into the summit" and end up with the "broad swath of a 35,000-foot deal", said Bonnie Glaser, a China expert at the Center for Strategic and International Studies in Washington.

Beijing will no doubt attempt to make good on its pledge to increase purchases of USA goods, turning probably to soybeans and potentially energy.

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