China to 'immediately' apply measures agreed in trade truce with US

DEVELOPING: US-China trade uncertainty fuels market plunge

Stocks plunge amid confusion over U.S.-China trade truce

The announcement on Wednesday followed a period of relative quiet from Beijing after Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, reached a temporary truce in the trade war between the world's two largest economies over the weekend.

"It is very natural for China and U.S.to have disputes in fields of economy and trade", Su said, adding "resolving all issues at one meeting may not be possible, it requires mutual efforts from both parties in the long run".

But the mood has quickly soured on scepticism that the two sides will be able to reach a substantive deal on a host of highly divisive issues within the short negotiating period agreed.

"Free trade has made the success story of BMW in the United States possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg a year ago were exported to more than 120 countries.

On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press.

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man". The two agreed to hold off on new tariffs of each other's exports pending renewed talks on an overall agreement over trade rules.

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Steven Mnuchin, the Treasury secretary, said that China had agreed to buy US$1.2 trillion of American products, but he could not offer specifics.

Complicating the challenge, Trump's complaints strike at the heart of China's state-led economic model and its plans to elevate China to political and cultural leadership by creating global champions in robotics and other fields.

His "tariff man" declaration also contradicts assertions made by the White House that Trump preferred a deal to tariffs.

It took only two days for the sheen to wear-off Trump's boast China had bowed to his demands.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

On one side are those, led by Treasury Secretary Steven Mnuchin, who believe that China's leaders can be persuaded to stop stealing US technology and respect USA intellectual property.

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"President Xi and I want this deal to happen, and it probably will".

Trump applauded the news in a tweet.

As yet, Chinese officials have not commented on Trump's claims that they would reduce tariffs on US-made cars or begin "immediate" purchases of U.S. crops, said the BBC. -China detente. Chinese pork producer WH Group Ltd., owner of US -based Smithfield Foods Inc., soared 12 percent. So the key question with the upcoming talks both for the factions within the Trump administration and between the United States and China writ large is whether China will follow through.

"They don't want to look like they've gone across the Pacific offering concessions to placate Trump, and then a few weeks later escalation resumes", he said.

Mnuchin said Monday morning on CNBC that China had offered to buy up to US$1.2 trillion of additional USA goods, even while the "details of that still need to be negotiated".

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