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China confident of agreeing U.S. trade deal despite Trump's combative stance

China confident of agreeing U.S. trade deal despite Trump's combative stance

Trump agreed in July not to impose higher duties on European Union cars while the two sides sought to improve ties in a number of fields, from regulatory cooperation to energy and a deal to remove tariffs on industrial goods.

"My meeting in Argentina with President Xi of China was an extraordinary one".

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

"President Xi and I want this deal to happen, and it probably will", Trump wrote on Twitter on Tuesday.

Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said.

The White House said China would agree to purchase a not yet agreed, but very substantial, amount of farm, energy, industrial, and other products from the United States.

Tariffs have proven taxing on many companies, especially those with global supply chains and suppliers in China. Asked if there was a specific agreement to remove the tariffs, he said: "Yes, there was".

The Chinese government has repeatedly dismissed USA accusations that it uses underhand means to get hold of American technology.

"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said.

And in a move that could signal a tough negotiation ahead, Kudlow said that Robert Lighthizer, the USA trade representative, would be formally taking over as the lead negotiator to hammer out a deal.

China retaliated by raising its own charges on USA imports. If the administrations don't reach an agreement on the matters in the next 90 days, tariffs will rise to 25%. The US government will now hold off on raising tariffs on $200 billion worth of Chinese goods from 10% to 25% on January 1, according toa White House statement.

"As a result we expect trade hostilities to resume in 2019", Marro said in a report.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

China's official statement on weekend trade talks with the US was very light on details, but in the ensuing days, some of the country's state-run media outlets have reported details from the summit and referred to information the government has tried to censor.

The spokesperson did not say specifically what would be included in the agreement, but noted that specifics issues that have reached consensus will be first and foremost.

Chief economic adviser Larry Kudlow acknowledged those challenges in remarks Tuesday morning.

Dealing with the central issue of China's forced technology transfers and subsidies "will require time, communication and good-will - a rare trifecta these days", he said.

"We have a president that's going to stand up to that for once", Navarro said.

Zetsche said it is "impossible" to build all vehicles sold in the United States here because of small volumes of luxury models. "It will always be the best way to max out our economic power", he said on Tuesday.

Mr Trump said his team of trade advisers, led by China trade hawk and U.S. trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible.

US business leaders welcomed the news of a delay of an increase in the tariff rate between the USA and China.

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