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profishingrods.com December 16, 2018


China is preparing to buy USA liquefied gas and soybeans again

07 December 2018, 06:57 | Joann Bryant

Trump claims 'BIG leap forward' in China trade talks, but details unclear

US China agreed on a momentary Trade war truce after G20 Summit

Over the weekend, a temporary truce was agreed between US President Donald Trump and Chinese President Xi Jinping at the G20 meeting in Argentina.

In a brief statement, the ministry said China would try to work quickly to implement specific items already agreed upon, as both sides "actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map".

The market is closed Wednesday as the United States celebrates a National Day of Mourning for the late President George H.W. Bush, whose funeral will held at the Washington National Cathedral.

Trump, however, also threatened to impose tariff on China, if failed to reach an agreement with the given deadline.

Chinese officials have said they are "confident in implementing" trade commitments made to the U.S. "as soon as possible", without giving details.

China's reticence contrasted with the parade of USA officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow.

Failure would raise the specter of a major escalation in the trade battle, with fresh US tariff action and Chinese retaliation possibly as early as March.




On the way into the White House, Daimler Chairman Dieter Zetsche told reporters he was "hopeful", while VW Chief Executive Herbert Diess said he hoped new US tariffs could be avoided.

Sources told Reuters that Chinese oil trader Unipec plans to resume buying US crude by March after the Xi-Trump deal reduced the risk of tariffs on those imports. "President Xi and I want this deal to happen, and it probably will", he said. "And it'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers - every type of product".

Treasury Secretary Steven Mnuchin said on CNBC the United States 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.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. China's crude oil imports from the US had ground to a halt.

"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". Those lower rates suggested that investors expect the USA economy to slow, along with global growth, and possibly fall into recession in the coming year or two.

"The actual amount of concrete progress made at this meeting appears to have been quite limited", Alec Phillips and other economists at Goldman Sachs wrote in a research note. Should China remove the tariffs now, US soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America.

The U.S. embassy in Beijing posted a Chinese version of the White House's readout of the meeting on the popular WeChat platform on social media, but reposting it was not possible. Instead, the two sides are to negotiate over US complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology. "The meeting with the president was very good and very open".



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