Otherwise, China - which has been incredibly protective of its own domestic auto industry, and probably doesn't want competition from other countries - could create a special tariff line in its itemized tariff system, meaning it would invent a new line that would only specifically apply to autos produced in the U.S.
The United States said Monday it will need to see "something concrete" from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two powerhouses.
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. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said.
Larry Kudlow, head of the White House's National Economic Council, added to the confusion when he said on Monday night that there was not a "specific agreement" that would lead to China lifting its tariffs on American cars-directly contradicting Trump's tweet earlier on Monday that claimed, "China has agreed to reduce and remove tariffs on cars coming into China from the U.S".
"The negotiations with China have already started". USA automakers have been forced to pay a 40-percent tariff to import cars from United States factories, or create a 50:50 joint venture with a Chinese firm to build cars in China.
"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. Senior administration officials also had trouble articulating any specifics about the deal in press briefings. "But if not remember, I am a Tariff Man". White House economic advisor Larry Kudlow said the figure was a broad benchmark that would depend on private transactions for USA goods and was subject to market conditions. In a 1990 interview with Playboy, the then real-estate investor said imposing tariffs on Japanese cars would be the first order of business if he ever won the presidency. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.
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The currency of the second biggest economy is believed to be gaining strength, taking into account two factors, one of which is the productive Trump- Xi meeting on the side-lines of the Buenos Aires-hosted G20.
The country is also expected to lower its tariffs below 40 percent.
On Tuesday, President Trump has declared himself a "Tariff Man" in tweeting about the state of progress with China, doubling down the threat to raise tariffs on Chinese goods if a deal isn't solidified.
China's tariffs on US soybeans mean they are $60 per tonne more expensive than those from top global supplier Brazil, which is due to begin harvesting a record crop in a few weeks time.
"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said. Let the negotiations begin.
"We didn't really give up anything to China".