Markets

China-US Ceasefire Paves Way For New LNG Projects

China-US Ceasefire Paves Way For New LNG Projects

Trump repeated on Tuesday that China had agreed to "start buying agricultural product [s] and more immediately", a commitment that was absent from the Chinese Ministry of Foreign Affairs' statement on Sunday.

However, a brokerage report speculated that a three-percent jump in Chinese stocks on Monday was partly stoked by enthusiasm based on optimistic but vague reporting in Chinese newspapers. And Treasury Secretary Steven Mnuchin said Tuesday on the Fox Business Network that China agreed to buy $1.2 trillion of USA products, but added, "if that's real" it would close the trade deficit with China and said "we have to have a negotiated agreement and have this on paper".

The president also explained his philosophy of why he supported tariffs with foreign countries.

China was already hit with $50 billion worth of tariffs earlier this year.

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 USA agricultural produce, among others.

"If it is, we will get it done".

"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".

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.

While Mnuchin said the president reserves the right to escalate tariffs should negotiations not pan out as planned, he cast the weekend's talks as a breakthrough in the administration's efforts to check China and said the discussion included everything from purchasing more U.S. goods to intellectual property, to currency manipulation.

Donald Trump and Xi Jinping met dinner in at G20 in Argentina.




China has also agreed to buy an unspecified but a substantial amount of domestic products to help narrow the trade deficit the United States has with China.

The temporary freeze on further hostilities in the trade war between the United States and China had sparked a global rally in equity markets on Monday, pushing MSCI's all-country world index up 1.3 percent.

Trump said his team of trade advisers led by China trade hawk US Trade Representative Robert Lighthizer would determine whether a "REAL deal" with China was possible.

Moreover, none of the commitments that USA officials said had been given by China, including reducing its 40 percent tariffs on autos, were agreed to in writing and specifics had yet to be hammered out.

A lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question.

China also agreed to lift tariffs, including reducing its 40-percent tariff on American cars, . which Mnuchin expects will eventually "fall to zero".

"However I will give it to him that he has managed to bring China to the table", said Guajardo, who is now a senior director at Washington-based McLarty Associates focusing on global trade.

The appointment of Lighthizer, the hardline United States trade representative, to lead the talks instead of Treasury Secretary Mnuchin puts one of the administration's toughest China critics in charge.

Lighthizer, he said, "will be in charge of enforcement, timelines..."


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