U.S. wants 'concrete' trade action from China within 90 days

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US

Around the same time, Donald Trump announced slapping 25 percent tariffs on $50 billion worth of imported Chinese goods, and Beijing responded in kind, boycotting purchases of U.S. agricultural produce, among others. Targeting soybeans was widely seen as a direct attack on Trump's supporters, as the US' top soybean farming states voted for Trump in 2016.

"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he said.

While stocks had already given up a significant amount of their post-G20 gains, the tweets appeared to confirm investors fear that the Trump deal may not have been as solid as it first seemed and trade-war dangers still loomed. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating.

"Both parties agree that they will endeavor to have this transaction completed within the next 90 days".

China offered more than $1.2 trillion in additional commitments on trade at the Xi-Trump dinner, Treasury Secretary Steve Mnuchin said on Monday. "We want to move. much of the credibility of this discussion will hinge on rapid movement and implementation of the Chinese commitments and they know that and this is something we specifically talked about".

White House national security adviser John Bolton told The Wall Street Journal's CEO Council meeting on Tuesday that Chinese theft of U.S. intellectual property was among the administration's top concerns.

While Washington touted the immediate increase in Chinese purchases of USA agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products.

Chinese officials are puzzled and irritated by the administration's shaky handling of the meeting's aftermath, according to a former U.S. government official who has been in contact with them.

Trump said China had committed to buying large amounts of US agricultural products and completely removing all tariffs on US automobiles a huge shift from its current 40 per cent penalty although China hasn't confirmed this

"I think there'd be quite a burst in shipments of small, less-expensive Korean cars to China, and also of parts, that's another big part of auto trade", he said. That means the death penalty, by the way, but anyhow, here's what China's Foreign Ministry said, again more vaguely: "China has chose to list all the fentanyl-like substances as controlled substances and start working to adjust related regulations". Trump said on Tuesday that Lighthizer would work closely with Mnuchin, Kudlow and trade adviser Peter Navarro, who is a notorious China hawk. "Nobody is under any illusions".

The White House said Trump and Xi agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Trump has not promised to lift all tariffs against Chinese goods.

"The window of doing bean business to China is getting really skinny, nearly to the point where it is closed", said Roy Huckabay, of Linn and Associates, a Chicago brokerage.

The economic agreementTrump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unravelling by Tuesday.

Trump has long accused China of unfair trade practices that hurt Americans and the USA economy.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, United States officials have said.

White House National Security Adviser John Bolton told the Wall Street Journal event on Tuesday that Chinese theft of US intellectual property was among the administration's top concerns.

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