Hawkish US trade official Lighthizer tapped to lead China trade talks

Hawkish US trade official Lighthizer tapped to lead China trade talks

President Donald Trump suggested Tuesday that his 90-day deadline for completing trade talks with his Chinese counterpart Xi Jinping could be extended - while also threatening to ratchet up tariffs if he isn't happy.

Already there was confusion over when the 90-day period would start.

President Trump and Xi Jinping met over dinner at the G20 Summit in Argentina to discuss their trade standoff, after which the president tweeted positive news.

"China is supposed to start buying Agricultural product and more immediately", he tweeted.

Following the meeting, the US President wrote on Twitter: "My meeting in Argentina with President Xi of China was an extraordinary one".

Under the sarcastic headline, "You Don't Understand Tariffs, Man", the Times highlighted the fact that Trump's impulsive attempts at economic policies have hurt farmers and manufacturers alike, as reflected in Tuesday's stock market plunge.

"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", he said. White House economic advisor Larry Kudlow said the figure was a broad benchmark that would depend on private transactions for United States goods and was subject to market conditions. We are right now taking in $billions in Tariffs.

Members of Trump's economic team continued to temper optimism about a deal Tuesday.

"I$3 f a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign", he explained. There, all sides agree, the American president agreed to postpone an increase in tariffs on Chinese imports to 25 percent from 10 percent, which was scheduled to take effect January 1, in exchange for negotiations on broader economic disputes.

The announcement of the 90-day truce, starting from December 1, was accompanied by China's commitment to begin lifting barriers immediately, Reuters reports.

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

Meanwhile, White House National Economic Council Director Larry Kudlow said there wasn't an actual agreement for China to remove auto tariffs, but that he expected China to eventually do it as a measure of good faith.

In return for the postponement in the higher US tariffs, China agreed to step up its purchases of USA farm, energy and industrial goods, the White House said.

But Kudlow said the ultimate amount will depend on market prices and the health of China's economy.

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

The two countries issued wildly different statements, and Trump administration officials have offered changing accounts of the deal's details in the days since the meeting. "This agreement is a short-term alleviation of trade tensions, but we caution that this is a reprieve rather than a resolution".

The unusual meeting between the German automakers and the president has irritated the German government, which noted that the European Union's executive arm is responsible for negotiating trade with foreign governments.

Instead, Kudlow said a proposed gesture to reduce auto tariffs to zero would serve as a "litmus test" on China's commitments to fulfill a broad strokes agreement reached between the two leaders.

"China's discussed these things with the US many times down through the years and the results have not been very good", he said.

The move was confirmed on Monday by White House trade advisor Peter Navarro, . who called Lighthizer Washington's "toughest negotiator".

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