Trump's China auto tariffs claim sows confusion

What Trump Expects by Giving China a 90-Day Tariffs Break

Senior Chinese officials did not mention this deal in a news conference. Small-company stocks fell more than the rest of the market. "It goes down, certainly, if it happens, it goes down as one of the largest deals ever made". "But if not remember, I am a Tariff Man".

Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".

"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said.

Markets took a dive following Trump's tweetstorm. Similarly, the S&P 500 was down 75 points, or 12.7%, and the Nasdaq fell 245 points, or 3.3%. "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", Trump wrote in part of a four-tweet message.

China's national currency has shot upwards more dramatically over the past two days than over the last decade after the country reached a truce in its trade war with the United States, and in light of a temporary decline in the dollar prices. "China trade truce because China has agreed to start buying agricultural products from American farmers immediately", said Monica Tu, an analyst at researcher Shanghai JC Intelligence Co.

The currency of the second biggest economy is believed to be gaining strength, taking into account two factors, one of which is the productive Trump- Xi meeting on the side-lines of the Buenos Aires-hosted G20.

Trump and Xi said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought to resolve their trade disputes that have seen the flow of hundreds of billions of dollars worth of goods disrupted by tariffs.

The president also explained his philosophy of why he supported tariffs with foreign countries.

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‎U.S. Trade Representative Robert Lighthizer has been helping to lead trade talks for the administration on multiple fronts, including China.

China was already hit with $50 billion worth of tariffs earlier this year.

Trump's comments come after leaders of the world's two biggest economies agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement.

Trump has argued that China for decades has abused global trade rules to lure away USA jobs, steal United States intellectual property, subsidise its own companies, and strong-arm U.S. firms. Targeting soybeans was widely seen as a direct attack on Trump's supporters, as the US' top soybean farming states voted for Trump in 2016.

This was also the first time that the president suggested the negotiating window could be extended.

Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.

FBN's Charlie Gasparino on President Trump's trade policy.

China's foreign ministry, the only government department that holds a daily briefing foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything. "This agreement is a short-term alleviation of trade tensions, but we caution that this is a reprieve rather than a resolution".

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