After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.
But Trump spent much of Tuesday threatening to increase existing tariffs and impose new ones if the two sides can't make a deal.
China expressed confidence on Wednesday that it can reach a trade deal with the United States, despite fresh warnings from President Donald Trump that he would revert to more tariffs if the two sides cannot resolve their differences, Reuters reports.
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Chinese purchases for the aforementioned products have almost completely halted after Beijing imposed tariffs on them in response to the US tariffs on Chinese goods.
Senior US and EU officials blamed each other on Wednesday (17 October) for a lack of progress in ongoing trade talks, reviving the possibility of fresh tariffs on European cars, said the American representatives.
Gao's briefing came hours after the trade detente risked being rattled by the arrest in Canada of a top executive from Chinese telecom giant Huawei at the request of the United States.
His "tariff man" declaration also contradicts assertions made by the White House that Trump preferred a deal to tariffs.
Diess said he thought the companies had "made a big step forward to avoid the tariffs".
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China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the meeting, and USA and Chinese accounts of what the deal entails have sometimes differed.
He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the U.S. to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.
Trump, in a series of Twitter posts, threatened to slap a range of import penalties on Chinese products if they did not make major changes in their economic relationship with the United States.
The White House has said China agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products to reduce the yawning trade gap.
But Mnuchin added, "If that's real" - thereby raising some doubt - it would close the USA trade deficit with China, and added: "We have to have a negotiated agreement and have this on paper".
There has also been confusion on the USA side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal.
They said they would hold off on imposing additional tariffs for 90 days starting on December 1 while they sought a solution to their trade disputes.
Details regarding China's pledge to buy more American products - one that it has made before - remain scant.
"President Xi and I want this deal to happen, and it probably will".