Posted on 12/13/2019 7:34:47 AM PST by SeekAndFind
Donald J. Trump Verified account
@realDonaldTrump 7m7 minutes ago More We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder....
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Donald J. Trump Verified account
@realDonaldTrump 8m8 minutes ago More .....The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!
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Thanks President Trump—- no other unworthy politician in DC did squat about the trade imbalances with Chyyyyynnnnnnnaaaaa.
Winning!
Apparently, the tariffs we placed on their goods before HAVE NOT BEEN TAKEN AWAY. It was the threat of additional tariffs on December 15 that was postponed.
Congratulations to the negotiating team. I’m assuming they made a good deal and didn’t cave.
FROM ZERO HEDGE:
https://www.zerohedge.com/geopolitical/china-set-break-silence-trade-deal-0930et
China is now confirming some of the details revealed overnight, whiled denying others despite the country’s stern silence overnight. Here are the highlights from the press conference
CHINA: U.S. TO REMOVE TARIFFS ON CHINESE GOODS IN PHASES
CHINA: FIRST PHASE TRADE TALKS HAVE ACHIEVED MAJOR ADVANCEMENT
CHINA: THE DEAL WILL HELP BOOST GLOBAL MARKET CONFIDENCE
CHINA: WILL COMPLETE ASAP TRANSLATION, LEGAL REVIEW OF DEAL
CHINA: TO INCREASE IMPORTS FROM U.S. AND OTHERS
CHINA: SIDES AGREE TO COMPLETE LAST STAGES AS SOON AS POSSIBLE
CHINA: WILL WORK TO SET A DATE FOR SIGNING DEAL
CHINA: HAS DECIDED TO CANCEL TARIFFS SCHEDULED TO TAKE EFFECT ON SUNDAY
CHINA: U.S. HAS PROMISED TO CANCEL ADDITIONAL TARIFFS ON CHINESE PRODUCTS
Some details on agri products:
CHINA PLANS TO IMPORT U.S. WHEAT, RICE, CORN WITHIN QUOTAS
Yet the confusion grows because contrary to the US spin on the deal, China refuses any mention of boosting agri imports:
CHINA DIDN’T ANSWER QUESTION ON SIZE OF AG BUYS FROM U.S.
SOY, HOGS PARE GAINS;
CHINA SAYS NO DETAILS YET ON AG IMPORTS
This confirms that China opposes any contractual agreement to boost US imports as that would put Chinese farmers at a disadvantage, and forcing Beijing to provide stimulus.
In conclusion:
CHINA: ARE TALKING ABOUT TIMING, PLACE, DETAILS OF SIGNING DEAL
It is unclear if both sides will sign their own version of what the deal says.
Bottom line: the December 15 tariffs will not be imposed, but existing tariffs will not be rolled back even though China says the US has “promised” to do so in phases. In other words, once again there is no actual Phase 1 deal, there is just an agreement to avoid a new round of tariffs with both sides making vague promises.
The Beijing officials briefing on trade @ 9:30am ET:
Ning Jizhe, Vice chair of Nat’l Development & Reform Commission
Liao Min, Vice Min of Finance
Zheng Zeguang, Vice Min of Foreign Affairs
Han Jun, Vice Min of Ag and Rural Affairs
Wang Shouwen, Vice Min of Commerce
Putting this all together, This phase one trade deal is likely a proposal at the moment for the Chinese. And even if the Chinese agree to it, it may never become public.
The markets are saying, “Ho hum.”
Not exactly.
Now Trump can veto the agriculture amnesty bill if it hits his desk.
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