Mr Trump said his team of trade advisers, led by China trade hawk and USA trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible. "ALL subjects discussed!" Trump wrote on Wednesday. I am a Tariff Man.
The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and USA leaders over their ongoing trade dispute.
However, following Monday's rally, markets on Tuesday sold off as doubts over what could realistically get accomplished in the tight negotiating window added to concerns about fading global growth.
However, the Dow Jones industrial average plunged 800 points Tuesday over confusion about what the U.S and China will do going forward, and investors are looking for hints as what to expect Thursday when markets open again. And it comes just days after a 90-day truce in the U.S.
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.
US Treasury Secretary Steven Mnuchin said markets were in a "wait-and-see" mode.
"They actually want to see a positive resolution where this problem is solved so they don't have to worry about it", said Randy Watts, chief investment strategist at the brokerage firm William O'Neil & Co. This fundamental misunderstanding of economics, combined with his reckless announcement of the detente that wasn't, scared investors and continues to undermine his administration's efforts at reaching a real trade deal with China. "Let's give this some time".
During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10 per cent to 25 per cent, that had been set to take effect on January 1.
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Asked to confirm whether Beijing promised to buy American goods immediately, Gao said China will "immediately implement the consensus reached by the two sides on farm products, cars and energy".
Trump "shared his vision of all automakers producing in the United States and creating a more friendly business environment", the White House said in a statement afterward.
"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.
On one side are those, led by Treasury Secretary Steven Mnuchin, who believe that China's leaders can be persuaded to stop stealing US technology and respect USA intellectual property.
White House national security adviser John Bolton, who also attended the Saturday meeting, said the verdict was still out on what China would ultimately do.
In addition, Treasury Secretary Steven Mnuchin said on Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of US products.
The legislation, which was not put to a vote, envisaged using revenue raised by the duties to compensate those harmed by China's actions.
But China is showing little indication it would accept a major overhaul of its state-driven system, a move that economists say would be necessary to even out the trade imbalance that Trump scorns.