Donald Trump Demands 'REAL DEAL' with China Despite Shaken Stock Market

President says China will reduce automotive tariff

Chinese officials have begun preparing to restart imports of U.S. soybeans and liquefied natural gas, the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some U.S. products "immediately".

According to the White House, the USA will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned.

Washington and Beijing said they will try to achieve a permanent deal within the next 90 days, however the US still has significant leverage, stating that if a formal deal can't be reached then it will hike tariffs from 10 percent to 25 percent, which could roil global stock markets, stagnate global economic growth, dampen oil demand growth and possibly lead to a recession across the globe, particularly in emerging economies. Even if the tariffs are lifted now, the USA crop is becoming less competitive in the Chinese market as the harvest season approaches in South America.

U.S. President Donald Trump and China's leader Xi Jinping agreed on a temporary truce to halt their long-standing trade war at the G20 summit last weekend.

Trump and si entered into a 90-day trading the truce, postponing the scheduled January 1 increase USA import duties on Chinese goods worth $ 200 billion with 10 to 25%, while there is discussion of a trade transaction.

Trump, however, also threatened to impose tariff on China, if failed to reach an agreement with the given deadline.

White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.

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Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the US and China failed to reach an agreement to at least postpone that move.

"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so. After negotiations, the President of the United States immediately went to Washington.

He also signaled optimism that President Xi Jinping would deliver on his promise, after their meeting in Argentina.

President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina.

Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

One Chinese official said officials were "waiting for the leaders to return" before publicising details.

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