Economy

Trump Tries to Calm Global Markets After Stocks Drop Sharply

Trump Tries to Calm Global Markets After Stocks Drop Sharply

In addition, Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products.

Chinese officials hailed on Wednesday a "very successful" trade meeting with the US, just days after President Trump claimed there had been a major breakthrough in negotiations that ended in a new trade deal.

The Ministry of Commerce of China announced that the ultimate goal of the Chinese-American trade negotiations is the abolition of all fees.

At the G20 Summit in Argentina last weekend, . the two leaders agreed to a temporary truce, . with President Trump agreeing to maintain 10-percent tariffs on 200-billion dollars worth of Chinese goods, and not raise them to 25-percent.

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.

China on Wednesday, said now time has come to push forward the trade negotiation and make deal with the United States in next 90 days, and also vowed to implement "immediate" changes to the agreements signed between both the countries.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

"Although we do not see Qualcomm approaching NXP again in the short-term, we believe the statement is a positive for M&A activity, especially in the tech space", Zhang wrote. He said China discussed up to $1.2 trillion in commitments that could potentially help reduce the USA trade deficit.

More news: John Bolton knew of Huawei arrest before Trump-Xi dinner

Treasury Secretary Steven Mnuchin said on CNBC the U.S. and Chinese had "very specific discussions" in Buenos Aires Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months. "President Xi and I want this deal to happen, and it probably will", he said. Fentanyl, mixed in with heroin, has caused a spike in drug overdoses in the U.S.

Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the USA and China failed to reach an agreement to at least postpone that move.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.

"Very good things will happen".

Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, chief economic adviser Larry Kudlow and other administration officials were meeting individually with executives from each of the three automakers. "Farmers, I LOVE YOU!" the United States president tweeted.

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.

Yet Kudlow said later that there was no "specific agreement" regarding auto trade, though he added, "We expect those tariffs to go to zero".


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