Published: Mon, December 03, 2018
Global News | By Stacy Ballard

Xi, Trump reach consensus, agree not to impose new additional tariffs

Xi, Trump reach consensus, agree not to impose new additional tariffs

Risk appetite returned across most markets on Monday as President Donald Trump and his Chinese counterpart Xi Jinping agreed to pause the introduction of new tariffs and intensify trade talks. "According to a tweet from President Trump over the weekend, the Chinese side had also agreed to "reduce and remove" tariffs on American cars from 40% now".

In return, the U.S. agreed not to raise tariffs on $200billion in Chinese products from 10 per cent to 25 per cent as it promised it would do on January 1.

"In order to reach this agreement, China agreed to buy a not yet specified but very significant amount of United States goods within agriculture, energy and industry products plus the two sides will begin to immediately negotiate "structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusion and cyber theft, services and agriculture".

Neither country had mentioned the issue in their official read-outs of the Trump-Xi meeting which focused on a U.S. agreement not to raise tariffs further on 1 January, while China agreed to purchase more agricultural products from USA farmers immediately.

The White House said Saturday the two sides would "immediately" begin talks on "structural changes" affecting forced technology transfer, intellectual property protection and cyber theft.

Failure to achieve a ceasefire would have seen tariffs on $200bn worth of Chinese goods rise from 10% to 25% at the start of next year, and would have opened the way for tariffs on additional Chinese goods. "It'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product".

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The soybean contract for January delivery jumped as much as 3.2 percent to $9.23 3/4 a bushel, the highest since June, while corn and wheat also climbed.

During the meeting in Buenos Aires, the U.S. agreed not to increase tariffs on January 1, as had been planned, while China agreed to immediately buy more agricultural products from USA farmers.

China's main market index was up 2.7 per cent, while Tokyo rose 1.0 per cent.

Many US automakers build their cars in China for the local market, but for some the tariff hikes have hit sales, including electric car-maker Tesla and US-made models from BMW and Ford.

Trump spent more than a year pushing the leaders of Canada and Mexico into agreeing to a rewrite of North American trade rules.

"China's response today to President Trump is precisely the action our Congressional delegation asked for, and I am grateful to the Chinese leaders for listening to us and taking this action", said the senator.

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But the White House also said the existing 10% tariffs on $200bn worth of Chinese goods would be lifted to 25% if no deal was reached within 90 days, once again setting the clock ticking for a potential standoff at the end of March 2019.

China responded by imposing its own tariffs.

The Republican president called their agreement - which Washington hopes will help close a yawning trade gap with the Asian giant and help protect U.S. intellectual property - an "incredible" deal.

"Longer-term, China has more to gain from free trade in autos", with local Chinese manufacturers such as Guangzhou Automobile Group Co. and Geely Automobile Holdings Ltd. looking to move overseas, she said.

The leaders set a 90-day deadline to reach a more conclusive trade agreement.

They also agreed to maintain close exchanges in various forms to jointly chart the course for the development of China-U.S. relations, and pledged to hold further exchanges of visits at an appropriate time.

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