White House contradicts Trump, says there's no deal with China

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- The United States and China reached a 90-day cease-fire in a trade dispute that has rattled financial markets and threatened world economic growth.

Trump's surprise announcement late Sunday came a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal. The scheduling of fentanyl was part of a package deal, offered by Xi to stop Trump from raising tariffs on some $200 billion worth of Chinese goods. He added that the Chinese put more on the table than the USA side had seen before.

"It's an incredible deal", Trump told reporters aboard Air Force One, adding, "if it happens it goes down as one of the largest deals ever made".

Putin said he and Trump managed to squeeze in a chat. China will be opening up, China will be getting rid of tariffs. Those 10 per cent tariffs were scheduled to ratchet up to 25 per cent on January 1 if the United States and China failed to reach an agreement to at least postpone that move. And Beijing agreed to reconsider a takeover by US chipmaker Qualcomm that it had previously blocked.

Xi Jinping
Xi Jinping

The White House hasn't confirmed Trump's claims about China ending tariffs, and its last official statement regarding tariffs was Saturday's announcement of a 90-day pause on further escalation of tariffs between the US and China agreed by the two countries as they continue negotiations.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

The president met with the Chinese delegation in Buenos Aries, Argentina while attending the G20 Summit with leaders from around the globe. Trump also canceled a Saturday news conference, citing respect for the Bush family following the death of former President George H.W. Bush.

"President Xi and I have a very strong and personal relationship". These are front-burner topics on America's list of required Chinese trade changes.

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Beijing had reduced auto import duties from 25 percent to 15 percent in July.

A total of $10.5 billion in new and used cars were shipped to China from the U.S.in 2017, according to the Census Bureau. If they can't, the higher USA tariffs will go into effect on the $200 billion in Chinese imports.

Kudlow said he pressed China on its promise to make changes to tariff and non-tariff barriers "immediately".

"This is the first time that we have a commitment from them that this will be a real agreement", Mnuchin told CNBC.

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Trump agreed to delay the scheduled United States tariff increase for 90 days while the two sides negotiate over the administration's technology-related complaints.

The trade detente comes as stock markets have stabilized in recent days after a bruising autumn but remain well below the highs they hit earlier in the year. USA officials had been urging China to do something similar. US officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most USA supply of the drug is manufactured in China.

"President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China's maximum penalty under the law", White House Press Secretary Sarah Huckabee Sanders announced in a Saturday night statement.

China nixed the proposed takeover earlier this year, citing antitrust concerns, after USA and European regulators approved the deal.

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Beyond trade, Trump spoke with the Chinese about worldwide affairs, particularly looking at North Korea. He said there were three sites under consideration, but he declined to name them. -China Economic and Security Review Commission said in a report last week that criticized China for "slow and ineffective" regulation of fentanyl.