Trump dubs himself 'Tariff Man,' threatens tougher stance with Chinese

Trump dubs himself 'Tariff Man,' threatens tougher stance with Chinese

He said for the first time there was "a clear path" to reduce the USA trade deficit with China to zero.

US President Donald Trump has held out the possibility of an extension of the 90-day trade truce with China but made clear he would revert to tariffs if the two sides could not resolve their differences.

The commerce ministry is due to hold its weekly news briefing on Thursday.

The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him. Chinese officials, meanwhile, did not confirm any of these details.

"President Xi and I want this deal to happen, and it probably will", Trump said in a post on Twitter.

Per the White House: "China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries".

It also said China had agreed to start buying farm products from us farmers immediately. The Chinese market, he noted, is good for more expensive cars manufactured in Europe, but also smaller, more affordable ones produced in Japan and South Korea; it's the American-made cars like trucks and big SUVs that don't have quite the same appeal.

In a briefing to reporters, he also said the U.S. did not yet have a "specific agreement" on auto tariffs.

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Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said.

Wang did not mention this timeframe, though Chinese state media has. The downside for China is that it also needs US sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating. Washington, but not Beijing, has also said China will cut import tariffs on American cars.

"Stuff is happening today", Kudlow said. On top of that, as Hudson Institute senior fellow John Lee wrote for CNN, backing down on protectionism, IP theft and forced technology transfers could well force Xi to scale down his ambitions for Chinese economic development.

Muted reaction in both the Chicago and Dalian futures markets on Monday underlined the lack of incentives for new purchases.

White House economic adviser Larry Kudlow says there is no "specific agreement" between the United States and China that would address China's tariffs on USA auto imports but says he "expects" those duties to go to zero.

Speaking to reporters aboard Air Force One on Saturday, Trump said, "It's an incredible deal". Trump said on Monday, however, "We are dealing from great strength, but China likewise has much to gain if and when a deal is completed".

The temporary freeze on further hostilities in the trade war between the United States and China had sparked a global rally in equity markets on Monday, pushing MSCI's all-country world index up 1.3 percent.

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