China trade vow after Trump talks helps settle financial markets

DEVELOPING: US-China trade uncertainty fuels market plunge

"China will begin implementing specific issues that have reached consensus immediately, the sooner the better", a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.

In Argentina last weekend, Trump and Xi agreed to a truce that delayed the planned January 1 USA hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted. But they plunged Tuesday after Trump called himself "Tariff Man" on Twitter and renewed threats of penalty duties.

Trump has long accused China of unfair trade practices that hurt Americans and the USA economy.

"One of the very exciting things to come out of my meeting with President Xi of China is his promise to me to criminalize the sale of deadly Fentanyl coming into the United States". Failure would raise the spectre of fresh U.S. tariff moves and potential Chinese retaliation as early as March.

The president added: "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".

A Chinese official told the Reuters news agency officials were "waiting for the leaders to return" before publicising details.

In a "supremely ironic" move, China may even seek to negotiate entry to the TPP-11, which was originally conceived by the Obama Administration as part of pivot to Asia, and which may end up including China but not the US itself, he said. China's crude oil imports from the US had ground to a halt.

Asked about Trump's statement that Beijing would cancel tariff hikes on US -made autos, Gao referred reporters to the Cabinet's tax commission.

"We should not rule out the possibility, for example, that if China was to undertake something dramatic - like a commitment to zero tariffs over time - that such a commitment would not just be made on the basis of reciprocal actions by the United States, but by all WTO member states", Rudd said, referring to the World Trade Organization.

North Korea, United States: Leaders to Meet Early Next Year, Trump Says
Mr Trump and Mr Kim held a historic summit in Singapore earlier this year, signing a vaguely worded deal on denuclearisation. North Korea has also not made any concrete moves towards irreversibly dismantling any of its weapon programs, with U.S.

Abe was the first foreign leader to meet Trump, flying to NY to see the new American president after his win at the 2016 election.

"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the U.S. midterm elections. In a series of tweets on Tuesday morning, he pushed the Chinese to buy American agricultural products "immediately", and questioned whether a "real deal" with Beijing is actually possible.

Meanwhile, according to Stephen Nagy, senior associate professor at the International Christian University in Tokyo, "after the 90 day truce, trade tensions will continue and likely even deepen".

Pompeo said in Brussels on Tuesday the USA could abandon some worldwide agreements to thwart bad actors like China, which he accused of cynically exploiting World Trade Organization rules.

Mr. Trump has used tariffs to force Beijing to the negotiating table over its long-standing trade abuses, including tariffs and other trade barriers, theft of intellectual property and forced transfer of technology from USA companies doing business in China.

Trump has said China is supposed to start buying agricultural products immediately and cut its 40 per cent tariffs on United States vehicle imports.

Also, China's commerce ministry made no mention of the vehicle tariff cuts which Mr Trump said earlier this week China had agreed to.

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