China grain traders await lower tariffs before United States return

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US

Meanwhile, China hasn't formulated its response because bureaucrats are awaiting the return home of President Xi Jinping, according to three officials who were briefed but declined to be named as the matter isn't public.

U.S. President Donald Trump, Secretary of State Mike Pompeo, national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina, on December 1, 2018.

Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but U.S. markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far. 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.

Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante. Those have included pledges to "remove or reduce" auto tariffs on U.S. vehicle makers and purchases of agricultural products.

But Mnuchin said, "I think there's no question the president's tariff strategy has worked".

Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on USA autos. Trump also repeated the threat of imposing more tariffs on China after the 90-day deadline expires.

According to the White House, the US will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned.

Trump on Sunday said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

At his political rallies and news conferences, Trump often praises the increase in USA military spending during his almost two years in the White House.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start

It also said China had agreed to start buying farm products from USA farmers immediately.

"If it is, we will get it done", Mr Trump said in a Twitter post.

What is clear is that if no deal or further extension of talks is agreed upon by March 1, the US's tariffs on roughly $200 billion worth of Chinese goods will increase from the current 10% rate to 25%.

White House trade director Peter Navarro detailed on Monday what the administration hopes to accomplish by lifting tariffs on China for 90 days.

Referring to himself as a "Tariff Man", Trump issued a series of tweets that only further deepened the murkiness surrounding the trade truce that the two leaders said they had reached Saturday evening on the sidelines of the Group of 20 meeting.

"They don't want to look like they've gone across the Pacific offering concessions to placate Trump, and then a few weeks later escalation resumes", he said.

"Let the negotiations begin", Trump wrote on Tuesday.

"The two key events of roughly the last week have been the painkiller dose offered by [Federal Reserve chair Jay Powell] and the soothing market effects of the so-called US-China truce", the Financial Times cited the high-profile analyst as saying.

Fred Hoiberg fired as Chicago Bulls coach
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