Has Donald Trump blinked on his promise to level more tariffs on Chinese imported goods? ….
Bloomberg is reporting there will no more tariff increases after Jan.1*….
President Donald Trump and Chinese President Xi Jinping agreed on Saturday to a temporary trade ceasefire to allow time for more negotiations .
The move means that U.S. tariffs on $200 billion worth of goods will not rise to 25 percent on Jan. 1, from 10 percent currently.
As part of the deal, China agreed to buy “a very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries,” White House Press Secretary Sarah Huckabee Sanders said in a statement.
Although precise quantities still need to be worked out, China will “start purchasing agricultural product from our farmers immediately,” Sanders said.
That would be welcome news for U.S. soybean and other agricultural producers, who have borne the brunt of China’s retaliation against Trump’s tariffs.
The news followed a nearly 2.5 hour dinner meeting between Xi, Trump and their top aides following the conclusion of the annual G-20 leaders meeting….
In his typical go hard negotiating efforts to make a deal ?…Trump has floated the trial ballon that IF Congress doesn’t approve his modified and renamed NAFTA deal with Canada and Mexico ?…He will terminate the entire current NAFTA trade agreement…
This will go over like a lead ballon for Democrats, who will control the House , were Trump will need the votes…
This is just an opening gambit on trying to get his agreement thru Congress….
President Trump said late Saturday that he plans to formally terminate the North American Free Trade Agreement (NAFTA) in an effort to pressure Congress to approve a new trade deal with Canada and Mexico.
“I will be formally terminating NAFTA shortly,” Trump told reporters on Air Force One while returning from the Group of 20 summit in Argentina.
“Then Congress will have a choice of approving the USMCA, which is a phenomenal deal,” he said, referring to the United States-Mexico-Canada-Agreement. “Much, much better than NAFTA. A great deal.”…
*Hours after President Trump’s chief economic adviser Larry Kudlow told reporters that a 90-day trade war truce between the U.S. and China will begin Jan. 1, the White House issued a correction stating that the truce actually began on Dec. 1….