Trump meets with German automakers amid trade tensions

The meeting between Chinese President Xi Jinping and his U.S. counterpart Donald Trump in Buenos Aires provides direction for China-U.S. relations in the time to come, according to experts.

President Donald Trump is expressing optimism that China will to push forward with a cease fire on trade as tensions between Washington and Beijing escalates.

Wall Street fell off a cliff yesterday, losing 3% or more of its value after president Donald Trump confirmed nothing much had changed following his meeting with Chinese president Xi Jinping on December 1.

"Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting", he said.

US markets were closed on Wednesday to observe former President George H.W. Bush's death, but the effect of Wall Street's turmoil the previous day was felt in Europe and Asia with the benchmark Shanghai stock index .SSEC closing down 0.6 percent. Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro on seeing whether or not a REAL deal with China is actually possible.

Senior US and EU officials blamed each other on Wednesday (17 October) for a lack of progress in ongoing trade talks, reviving the possibility of fresh tariffs on European cars, said the American representatives.

The ministry's statement came after the USA president, Donald Trump, called himself "a Tariff Man" on Twitter and warned more levies could be imposed on China.

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man". "But if not remember, I am a Tariff Man". "President Xi and I want this deal to happen, and it probably will", he said.

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A statement from an unnamed Chinese official said only that the negotiations with the US had a "clear timeline and road map" that China aimed to implement.

The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs. In fact, the only definite thing to seemingly come out of the summit is the U.S. vowing to hold off on raising threatened tariffs for 90 days.

Trump tweeted late Sunday that China had agreed to "reduce and remove" its 40 per cent tariff on cars imported from the US Treasury Secretary Steven Mnuchin said Monday that there was a "specific agreement" on the auto tariffs.

Chinese officials have been told to take necessary steps for the soybeans and liquefied natural gas purchases, two officials with knowledge of the discussions said.

On Tuesday night, the president threatened "major Tariffs" on Chinese products shipped to the United States if his administration fails to strike a final trade pact with Beijing.

Trump has said China is supposed to start buying agricultural products immediately and cut its 40 per cent tariffs on U.S. vehicle imports. For its part, China has slapped tariffs on $110bn of United States imports.

The White House has said China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

Global growth was already slated to slip to 3.5% next year from 3.7% even without accounting for the risks of escalating US tariffs and China's counter-tariffs, according to estimates by the Organization for Economic Cooperation and Development, an intergovernmental think tank of 36 nations.

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