Friday, 14 December, 2018

US, China are 'pretty close' to a deal on tech theft: Kudlow

I am a tariff man’ Trump warns China against raiding ‘great wealth’ of US as trade talks start Donald Trump addresses Chinese business leaders on a state visit to Beijing in 2017
Lloyd Bates | 05 December, 2018, 04:31

"I'm sure he will be deeply involved", Kudlow said on a call with reporters.

While Mnuchin said the president reserves the right to escalate tariffs should negotiations not pan out as planned, he cast the weekend's talks as a breakthrough in the administration's efforts to check China and said the discussion included everything from purchasing more USA goods to intellectual property, to currency manipulation.

White House economic adviser Larry Kudlow said on Monday that the United States and China are "pretty close" to an agreement on stopping IP theft, though he didn't give any details on the progress.

China's ministry of foreign affairs said Monday the Chinese and USA president had agreed to work toward removing all tariffs.

After describing the agreement made between China and the USA 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.

European, Japanese and South Korean automakers would ultimately benefit from a flat, tariff-free rate on autos, Hufbauer said.

China's national currency has shot upwards more dramatically over the past two days than over the last decade after the country reached a truce in its trade war with the United States, and in light of a temporary decline in the dollar prices.

Stop It, Tyson Fury Did Not Earn a Win Against Deontay Wilder
On the undercard, Jarrett Hurd defended his WBA and IBF 154-pound belts with a fourth-round stoppage of Jason Welborn. Tyson Fury sounds more upset with the draw scorecard than the one which gave Deontay Wilder the win. .

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The list of named individuals does not include Saudi Crown Prince Mohammed bin Salman , who is in Argentina for the G20 summit . Mr Corker said senators would have a chance to vote to proceed to the resolution next week as well as vote on amendments.

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. The tariff had been previously set at 15%, but was ratcheted it up to 40% as part of a series of retaliatory measures taken by China against the US.

"China is supposed to start buying Agricultural product and more immediately", Trump wrote. The Trump administration has thus far applied tariffs to $253 billion worth of Chinese goods, and has threatened to apply 25 percent tariffs to another $267 billion worth of Chinese merchandise if this round of talks are unsuccessful.

Trump nevertheless praised himself for the dinner, and abandoned nuance in claiming on Twitter that China had agreed to immediately buy more USA farm products, in addition to dropping vehicle tariffs. "President Trump's economically illiterate trade commentary won't help - and is driving American allies to ramp up their own trade barriers to retaliate".

That means the death penalty, by the way, but anyhow, here's what China's Foreign Ministry said, again more vaguely: "China has made a decision to list all the fentanyl-like substances as controlled substances and start working to adjust related regulations". Trump said in the Twitter post that Lighthizer would work closely with Mnuchin, Kudlow and trade adviser Peter Navarro.

There was confusion over China's "agreement" to immediately buy large volumes of USA goods, particularly agricultural commodities. "It will always be the best way to max out our economic power", he said. "But as he found out with Mexico, Canada and now China, trade is more than the sum of goods and services exchanged between nations".

No one's quite sure how Trump plans to get his way (and, in turn, pass on the cost of these tariffs to the USA people), but what's also grabbing attention is how Trump phrased one of his tweets.

The negotiations for a final agreement have already begun, Kudlow said.

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