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China vows quick action on U.S. trade promises: 'The sooner the better'

China vows quick action on U.S. trade promises: 'The sooner the better'

The comments come after seemingly contradictory accounts from Chinese state media and the Trump administration prompted speculation that few concrete concessions had been made.

"There was a rally in the expectation that something had happened, the problem is that something turned out to be nothing". The yield on the 5-year Treasury note has fallen below the yield on the 2-year note, a move that suggests investors are fearful about the economy's longer-term health. His remarks renewed fears that the Fed may miscalculate and raise rates so high or so fast as to depress growth. Negotiations will proceed "step by step, not based on the rhythm of the United States".

President Donald Trump pressed senior executives of leading German automakers to expand their investments in the United States as the White House considers imposing new tariffs on European-made vehicles.

Global growth was already slated to slip to 3.5% next year from 3.7% even without accounting for the risks of escalating US tariffs and China's counter-tariffs, according to estimates by the Organization for Economic Cooperation and Development, an intergovernmental think tank of 36 nations.

Details regarding China's pledge to buy more American products - one that it has made before - remain scant. "But if not remember, I am a Tariff Man", Mr Trump said on Twitter.

He concluded by describing himself as a "Tariff Man", adding that the U.S.is "now taking in $billions in Tariffs".

"Ultimately, I believe, we will be making a deal - either now or into the future", he wrote.

The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs.

Investors are now grappling with the potential for a protracted conflict, as the president signaled the negotiations could be more contentious than expected.

Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for United States import taxes. "China is supposed to start buying Agricultural product and more immediately".

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The impact is actually less than that being felt in some other sectors of the US economy, such as agriculture, but it is still a hit to the auto industry which shipped about 250,000 vehicles to China previous year.

Yet many economists raised doubts that very much could be achieved within three months.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10% to 25%, that had been set to take effect January 1.

There are significant differences between the two governments over what was agreed at the dinner, according to a side-by-side comparison of their post-meeting statements prepared by Bloomberg.

He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the U.S. to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.

Kudlow acknowledged there was no "specific agreement" on auto tariffs.

For its part, China has said it will import more USA products to reduce its trade surplus, but no dollar amount has been publicly discussed. "So this time around, as I said, I'm hopeful, we're covering more ground than ever.so we'll see".

He said his economic advisers would determine "whether or not a REAL deal with China is actually possible".

Trump says he wants to shrink a gaping $336 billion US trade deficit with Beijing - the gap between how much America buys from China and how much it sells - and stop the Chinese from stealing or forcing the handover of USA technology and intellectual property.

Stock markets rose on Monday after U.S. officials touted the agreement as a historic breakthrough.

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