China confident on US trade pact, Trump cites Xi's 'strong signals'

U.S. President Donald Trump and China's President Xi Jinping make a joint statement at the Great Hall of the People

U.S. President Donald Trump and China's President Xi Jinping make a joint statement at the Great Hall of the People

While neither of these two energy products were mentioned by name, it's likely that China would not only appease the U.S.by removing tariffs on U.S. LNG imports but would also help itself since Beijing needs the diversity of supply that growing U.S. shale oil and gas exports offer.

Failure would raise the specter of a major escalation in the trade battle, with fresh USA tariff action and Chinese retaliation possibly as early as March. "China does not want Tariffs!"

Values in NY surged on Monday but sank on Tuesday amid doubts the suspension of tariff hikes agreed during talks between Donald Trump and his Chinese counterpart Xi Jinping at the weekend would lead to a concrete deal to end their trade war.

He had earlier also indicated that the deadline for an agreement could be extended.

It was announced on Saturday after President Trump and Chinese leader Xi Jinping met over dinner that the two countries agreed upon the 90-day truce in order to work out trade differences.

White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.

Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".

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China has promised to act quickly on the agreement but failed to release details, rattling financial markets.

"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.

There are several significant take-aways from this development, including the argument that Trump's hard line, even at times belligerent stance with Beijing, has caused them to blink first, particularly since economic growth in China has already started to feel the brunt of US tariffs, while USA economic growth, though not as robust as a few months ago, is still strong.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.

Such a move would have led to further tariffs on imports from the U.S.to China and vice-versa.

Officials from the United States and a number of other major economies have often criticized China for its slow approach to negotiations and not following through on commitments. China's government has been slow to formulate its response to the summit as senior officials were still out of the country with Xi, Bloomberg News reported.

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