China's State Media Offers Some Clarity on U.S. Trade Deal

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

President Donald Trump threatened Tuesday to slap more tariffs on China if efforts to strike a trade deal with Beijing crumble.

"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said.

"Xi would be a lot more amenable to re-engaging in negotiations as China's economy continues to weaken as indicated by the fact that China's PMI for November dropped to its lowest level in 28 months, and the sustained decline in China's stock market that it have been experiencing since late January when Pres. Trump hit China with his initial tariff proposal", Feinseth wrote.

White House trade adviser Peter Navarro on the trade truce between the USA and China.

China's official statement on weekend trade talks with the USA 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. We make the finest and cleanest product in the World, and that is what China wants.

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.

Stocks sank on Tuesday, with the Dow Jones plummeting nearly 800 points, amid concerns about the health of the US economy and uncertainty about what specifically Trump and Chinese President Xi Jinping had agreed to at the G-20 summit in Argentina three days prior, but USA equity futures rose Wednesday after Beijing confirmed the news. -European trade tensions focused on vehicle exports and the threat of tariffs. "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".

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The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.

Trump again claimed Tuesday that more tariffs on China would actually help the U.S. He contended that he has made China "pay for the privilege" of raiding "the great wealth of our Nation".

The U.S. LNG sector also needs Chinese participation, however. Export shipments dropped dramatically as China, one of the largest buyers of USA soybeans, sought alternative sources to avoid the high taxes.

'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.

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.

According to Trump, . he and President Xi are "the only two people that can bring about massive and very positive change, on trade and far beyond",. adding a solution for North Korea would also be a great thing for China and the rest of the world.

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of US products to help narrow America's gaping trade deficit with China.

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