China silent over pledged action to resolve USA trade impasse

DEVELOPING: US-China trade uncertainty fuels market plunge

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

Referring to himself as a "Tariff Man", Trump, in a series of tweets, deepened the murkiness surrounding the trade agreement, while members of his economic team talked down the prospects of a broad deal. "Ultimately, I believe, we will be making a deal - either now or into the future", Trump wrote in a post within minutes of the Commerce Ministry statement.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40 percent tariffs on United States autos.

China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States.

All major US stock indices dropped more than three percent - a sharp fall after Wall Street rallied on Monday on news of the ceasefire.

"We are confident in implementation ..." -China agreement in Buenos Aires as an historic breakthrough that would ease trade tensions and potentially reduce tariffs.

"We...thought Charleston could build cars for China", Volvo's global CEO Hakan Samuelsson told USA Today during an interview at the Los Angeles Auto Show last Wednesday.

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". He also said he couldn't "specifically" answer questions about China's agricultural product purchases.

But with tariffs at 40 percent, analysts have measured a sharp slowdown in demand for American made vehicles.

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While Mr Trump said talks with China and the 90-day truce period had already started, China did not clarify when the 90-day period was supposed to begin. Secretary of Commerce Wilbur Ross said the United States would seek to include this provision in any subsequent deals with Japan and the European Union and acknowledged that the target of this provision is China. Or it might illustrate China's weak commitment to the deal.

The White House says China had committed to start buying more American products and lifting tariff and non-tariff barriers immediately, while beginning talks on structural changes with respect to forced technology transfers and intellectual property protection.

A U.S. government official briefed on the matter told Reuters on Monday that no final report on the investigation is expected for at least a couple of weeks.

Chinese imports of American soybeans fell 95 per cent in October compared to a year ago, damaging the prospects of Midwest farmers who are in the middle of harvest. "If this suspension of tariff increases leads to a longer-term agreement, it will be extremely positive for the soy industry".

"The president has a point", Diess said, saying officials "tried to convince us to invest more into America and we are prepared to do this". But he cautioned that "it's going to take a little more to move more beans".

Adding to the confusion, Trump indicated on Tuesday that the trade talks could go beyond the March 1 deadline.

The economic agreementTrump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unravelling by Tuesday. Many companies have already switched their purchases from China to another country to avoid the potential 25 per cent tariff. A statement released by the Chinese government didn't mention the 90-day time frame.

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