China stays silent as Trump talks up trade truce

China stays silent as Trump talks up trade truce

Futures point to a pop of roughly 2-2.5% on Wall Street, in line with the rises seen today on the Hang Seng and Shanghai Composite indices, and in Europe too.

The US promised to delay the increase of its tariffs on $200 billion worth of Chinese goods by 90 days.

President Donald Trump suggested Tuesday that his 90-day deadline for completing trade talks with his Chinese counterpart Xi Jinping could be extended - while also threatening to ratchet up tariffs if he isn't happy.

In the past 24 hours, there were signs that White House officials were beginning to backpedal from some of their initial optimism. President Trump even reminded his Twitter followers Tuesday morning: "I am a Tariff Man".

Most likely, though, China will try to find a way to circumvent the WTO policy, probably without openly flouting the worldwide institution. "China will be getting rid of tariffs".

The United States 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, Larry Kudlow, director of the White House National Economic Counci, said on Monday.

After describing the agreement made between China and the U.S. during the G-20 summit in Argentina over the weekend as "an incredible deal" and "one of the largest deals ever made", Donald Trump has done an unsurprising 180 after apparently finally appearing to catch up with reality.

Per the White House: "China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries". It also said China has agreed to start purchasing agricultural products from U.S. farmers immediately. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.

More news: Sherrod Brown rejects Trump's new trade deal with Mexico, Canada

In a series of tweets, Trump celebrated the opening of negotiations between China and the US.

That includes more purchases of USA farm products, which Trump - seemingly trying to remind Xi - has said will begin "immediately". Numerous so-called second wave of U.S. LNG projects that are now being planned and/or receiving federal approval will have a hard time reaching the all-important final investment decision (FID) needed to go forward without Chinese assistance.

Some vagueness is to be expected in a temporary, in-principle agreement such as that struck this weekend.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

National Security Adviser John Bolton said "some major changes" would need to be reached in China's behavior, but added, "Is there a path forward in which we can have fair and reciprocal trade?"

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, USA officials have said.

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. "Until confidence in the global economy improves and bond yields stabilize, market psychology is likely to remain fragile", Young added.

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