Trump says China to buy 'massive amounts' of U.S. farm products

Trump says China to buy 'massive amounts' of U.S. farm products

The long-run picture may not be so sunny.

Some lawmakers agreed with Rubio, saying Tuesday the president and his team are being too lenient on China and falling short of his own campaign promises to enact policies to alter Beijing's trade practices - tactics candidate Trump once said are "raping our country".

Critics of the deal have also complained that it is silent on broader economic issues important to the U.S., including Chinese acquisition of American technology; the country's plans to subsidise growth of advanced domestic industries such as artificial intelligence and clean energy; and United States companies' access to China's markets.

China had downplayed that number and some US economists said it would be tough for American businesses ramp up production to meet that goal, given that the U.S.is already well into an economic expansion.

US Treasury Secretary Steven Mnuchin confirmed Sunday that Washington and Beijing had agreed to back off from imposing tariffs on each other. But Beijing made no specific commitment.

The celebration could prove premature.

The Journal, citing sources in the auto industry, said United States moves to retaliate likely would face significant opposition from trading partners and auto dealers that sell imports.

"The Administration is making a big mistake in putting the China tariffs on hold", Paul tweeted.

The president believes the massive U.S. trade deficit with China is proof that Beijing is engaged in abusive trading practices and has outmanoeuvred previous administrations in Washington.

Two days of talks in Washington between high-level USA and Chinese delegations at the end of last week did not bring any substantial movement on the trade issues that have divided the two countries.

While there's still a long way to go in terms of specifics, the announcement that that a trade war will be averted should boost global stocks Monday, according to Shane Oliver, head of investment strategy at AMP Capital Investors Ltd.in Sydney.

Observers said the USA president was busy defending him and blaming others since many - including manufacturing experts and at least one Republican lawmaker - believed he might have ceded too much and too soon to the Chinese while making trade negotiations with them, said one Vox report. Asked on the CBS program "Face the Nation" whether tariffs were off the table, he said: "I don't think we're at that stage yet".

White House economic adviser Larry Kudlow said there could be "some small changes around the edges" in the sanctions against ZTE.

"The Trump administration seems eager to engineer at minimum a temporary peace with China to ensure a smooth run-up to the Kim-Trump summit in June", Prasad said, referring to the June 12 meeting between President Donald Trump and North Korean leader Kim Jong Un.

Meantime, the effects of the new U.S. Trump wrote in a series of posts on Twitter.

In a separate statement released by the White House, Trump said he had "instructed" Ross to "consider" kicking off the probe. "It needs to be different this time as promised". He accused Trump of jeopardizing national security for what he described as minor trade concessions.

Still, Treasury Secretary Steven Mnuchin said China had agreed to dramatically increase purchases of US farm and energy products. "Why do U.S. officials always fall for China's trickery?" he tweeted.

If there is success in the U.S.

Lighthizer last summer began investigating Beijing's tactics to challenge USA technological dominance.

When asked if the president's threat of United States dollars 50 billion in tariffs on Chinese goods and USD 150 billion are all on hold, he said, "Yes they are". American officials stepped back from proposals to hit Chinese products worth $150 billion...

China responded by targeting $50 billion in USA products, including soybeans - a shot at Trump supporters in America's heartland. The prospect of an escalating trade war has shaken financial markets and alarmed business leaders. So some business groups were relieved by the cease-fire.

That deal was the biggest development among those announced during Trump's trip to Beijing in November, which he said had a combined value of US$250 billion.

"China has pledged to open its market on a lot of fronts, but you have to consider the special aspect of culture and entertainment industry", said Beijing Film Academy's Yu.

After weeks of tensions, China and the United States have reached a ceasefire.

China has become a key market for US studios from Walt Disney Co to Universal Pictures. That project calls for China to develop world-class competitors in fields from information technology to electric cars to pharmaceuticals. "They care about one thing, and that's Made in China 2025".

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