China vows quick action on United States trade promises: 'The sooner the better'

US President Donald Trump and China's President Xi Jinping are attempting to agree trade terms

COUNTING THE COST: What's the endgame in the US-China trade war? China is supposed to start buying Agricultural product and more immediately.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

But the White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs.

Regarding the China trade deal, White House officials have struggled to explain, for example, whether China has actually agreed to drop its 40% tariffs on US autos.

The US expects China to take immediate action to cut tariffs on US vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Kudlow, director of the White House National Economic Council, said Monday.

In a "supremely ironic" move, China may even seek to negotiate entry to the TPP-11, which was originally conceived by the Obama Administration as part of pivot to Asia, and which may end up including China but not the USA itself, he said.

The U.S. had a $335.4 billion trade deficit with China in 2017. That was expected to continue growing as demand for SUVs rose in that market.

China has made no direct mention of specific goods it will buy. Almost all the cars they sell in China are made there. "That will not work", Samuelsson added, noting that Volvo would consider shifting some production from Charleston to China, impacting production levels and hiring at the plant.

White House officials acknowledged that China hasn't fully committed to eliminate auto tariffs, as Mr. Trump announced Sunday in a tweet.

The mood has quickly soured, however, on skepticism that the two sides can reach a substantive deal on a host of highly divisive issues within the 90-day negotiating period, and markets continued to slide on Wednesday in part from confusion over the ceasefire's lack of detail.

The president himself offered what could, at best, be called a confusing attempt at clarification.

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It also said China had agreed to start buying farm products from USA farmers immediately.

"If it is, we will get it done". "But if not remember, I am a Tariff Man".

Mr Trump and Mr Xi agreed on a trade war truce on the sidelines of a Group of 20 summit in Argentina last Saturday, holding off on new tariffs and giving negotiators three months to reach an agreement. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

Mr. Kudlow said at an event hosted by The Wall Street Journal that he sees no recession on the horizon for the US economy.

The White House statement listed what it claimed China had promised to do.

In fact, European automakers have rapidly expanded their manufacturing base in the U.S.in recent years. That includes not only the new Volvo plant but also at the BMW Spartanburg facility and Daimler AG's Mercedes-Benz factory in Vance, Alabama.

BMW said in its statement that it plans to invest $600 million more at its Spartanburg plant in SC through 2021 for future generations of the BMW X models and will create 1,000 more jobs by 2021.

While at the conclusion of Saturday's working dinner, both the US and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters. China was the No. 1 destination followed by the company's home country Germany.

"Common to all these adjustments in the year ahead is a general tactical approach that until such time as China is able to finally bed down the fundamentals of its trade, investment, and economic relationship with the United States, it is wise for China to reduce tensions between Beijing and other countries and regions of the world", Rudd said.

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