After Dow drops, President Trump seeks to reassure investors on China

Vincent Yu | AP

Vincent Yu | AP

That, coupled with conflicting statements by Trump and USA officials, helped trigger a tumble in US stock prices Tuesday amid doubt about the chances for a lasting settlement of a battle over technology that threatens to chill global economic growth. "I am a Tariff Man". But in setting a short timeline (90 days) for the two sides to negotiate issues that have proved intractable in the past, and by reportedly appointing Lighthizer to lead the talks, Trump gave succor to those in the administration with an understandably jaundiced view of Beijing's past commitments to change its ways.

After a meeting between President Donald Trump and China's President Xi Jinping, a truce in the trade dispute between the US and China has been struck, and additional tariffs raising the level to 25% will not be implemented on January 1, as announced earlier this year.

The president's words had the effect of making the weekend agreement, already a vague and uncertain one, seem even less likely to produce a long-lasting trade accord.

Chinese officials have been instructed to take necessary steps for the purchases, two officials told the outlet. He said his "expectation" is that China might roll back tariffs on goods "quickly".

On Wednesday, the Global Times tabloid, which is run by the Chinese Communist Party's main newspaper, said myriad statements from the Trump administration about the deal - including the agreement that China would buy $1.2 trillion in additional US goods - were created to highlight or even exaggerate facets of the deal that benefited the United States.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days. Wall Street was initially encouraged by Trump's deal with Xi in which both sides agreed to a 90-day truce in the U.S.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

In a brief statement on Wednesday attributed to an unidentified spokesperson and posted on its website, China's commerce ministry said it was "confident" a trade agreement with the United States could be reached "within 90 days".

Chief economic adviser Larry Kudlow acknowledged those challenges in remarks Tuesday morning. So the key question with the upcoming talks both for the factions within the Trump administration and between the United States and China writ large is whether China will follow through.

"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.

"The president has a point", Diess said, saying officials "tried to convince us to invest more into America and we are prepared to do this". Trump claimed China had agreed to slash its current 40 percent tariffs on USA auto imports to zero.

"What's great about this is that they wouldn't be coming to the table here to talk to us unless the president had auto tariffs on the table", Navarro told Fox Business Network about the Germans.

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