Trade Talks With China To End On March 1 Unless Extended

DEVELOPING: US-China trade uncertainty fuels market plunge

China is supposed to start buying Agricultural product and more immediately.

He said negotiations already were underway on the commitments made with Chinese President Xi Jinping over dinner Saturday during the Group of 20 summit in Argentina. Trump tweeted late Sunday that China had agreed to "reduce and remove" its 40 per cent tariff on cars imported from the US Treasury Secretary Steven Mnuchin said Monday that there was a "specific agreement" on the auto tariffs.

As investors confronted uncertainty, markets had one of their worst trading days of the year.

Trump said his team of trade advisers led by China trade hawk US Trade Representative Robert Lighthizer would determine whether a "REAL deal" with Beijing was possible. Trump is relying on tariffs, and the threat of imposing them, to force other countries to buy more goods from America.

Mr. Trump has used tariffs to force Beijing to the negotiating table over its long-standing trade abuses, including tariffs and other trade barriers, theft of intellectual property and forced transfer of technology from USA companies doing business in China.

But Asia failed to follow the lead to the same extent after China gave its first official comments on the temporary trade truce which allowed for tariff hikes to be postponed for 90 days- until 1 April. That was expected to continue growing as demand for SUVs rose in that market. 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". "That will not work", Samuelsson added, noting that Volvo would consider shifting some production from Charleston to China, impacting production levels and hiring at the plant.

Discerning what is real right now isn't easy.

Megan Greene, chief economist at Manulife, said the market's recent decline had likely contributed to Trump's willingness to reach a truce.

The president himself offered what could, at best, be called a confusing attempt at clarification.

The White House says China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

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At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the U.S. midterm elections.

Trump had threatened to tax imported cars, trucks and auto parts, potentially targeting imports that a year ago totaled $335 billion, and the European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump put duties on cars and auto parts from Europe. The statement did not mention whether Trump discussed tariffs with the automakers. Leaders of the European Unionhave signaled they would echo the response of China, saddling USA -made vehicles with new tariffs in response.

Daimler President Dieter Zetsche said the U.S. That includes not only the new Volvo plant but also at the BMW Spartanburg facility and Daimler AG's Mercedes-Benz factory in Vance, Alabama.

BMW said it employs 10,000 people at its Spartanburg plant and has plans to hire 1,000 more by 2021.

On 2 December, Bloomberg published a side-by-side comparison of statements made by USA and Chinese officials and found them "rarely overlapping".

"Ninety days is very little time to fix these perennial issues", said Bill Adams, senior economist at PNC.

The stock market was less enthused.

In London, the FTSE 100 was on course to open around 1% lower according to financial spreadbetters despite help for its strong contingent of dollar-earning companies from a weaker pound. Ford slid 4.4 percent to $9.18 a share.

Markets, however, pulled back after Monday's rally on Tuesday as doubts crept in over what could realistically get accomplished in the tight negotiating window.

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