Trump signals that he's open to longer China talks

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

The US expects China to take immediate action to cut tariffs on US auto 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.

Most particularly, one of the results of the G20 is that US President Donald Trump backtracked on plans of raising tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent starting from January 1, 2019, stressing the necessity of talks with Beijing and threatening to persist with his plans if they don't move any further.

The White House said talks would take place to resolve within the next 90 days specific United States complaints such as forced technology transfer, or else existing 10 percent tariffs would go up to 25 percent.

China only recently signaled that it may back off from its strict foreign ownership requirements for auto factories.

Earlier on Tuesday, Treasury Secretary Steven Mnuchin also raised the prospect of the deadline extension.

Trump recently voiced frustration with General Motors' decision to close a handful of North American factories, including a plant near an OH city where he promised voters that jobs would finally be coming back under his leadership.

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 development signals the most prominent gain since summer 2005, when China stripped its currency of domestic limitations and placed it into a more flexible, but volatile, foreign exchange domain.

To be sure, many tech-savvy Chinese were aware of the news, with some expressing unhappiness online about a lack of detail from state media.

Trump reaffirms plan for second North Korea summit plan
About 30,000 North Koreans have fled to South Korea, mostly traveling via China, since the end of the 1950-53 Korean War. The North Korean leader said he would visit Seoul "in the near future", during his third summit with Moon in September.

In the day after Trump announced the deal in a two-sentence Twitter post, the White House provided no additional information.

Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment. 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.

Aside from the fact that China hasn't actually confirmed the claim, under World Trade Organization (WTO) policies, if Beijing offered the U.S.

China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries. "I am a Tariff Man", Trump wrote on Twitter.

In return, China is to purchase "very substantial" amounts of agricultural, energy, industrial and other products from the United States.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

Larry Kudlow, the White House's top economic adviser, said he couldn't speak to the reason why Beijing didn't include a timeframe in its own statement following the leader's dinner.

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