Trump's advisers struggle to explain deal he says he cut with Xi

Pilar Olivares  Reuters

The two presidents agreed that the two countries "can and should" ensure success of China-U.S. relations and that coordination, cooperation and stability should be the features of the bilateral relations, said the Chinese official. He canceled that meeting abruptly after his former lawyer pleaded guilty to lying to Congress, including about the Trump Organization's attempts to do business in Russian Federation during the 2016 presidential campaign.

Trump nevertheless praised himself for the dinner, and abandoned nuance in claiming on Twitter that China had agreed to immediately buy more USA farm products, in addition to dropping vehicle tariffs.

President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on USA cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.

But the White House also said the existing 10 percent tariffs on $200 billion worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days, once again setting the clock ticking. Trump showcased his satisfaction with the agreement in various ways, notably underlining how this deal will have an "incredibly positive impact on farming". And while he said the "history is not great" with China on trade, he was optimistic.

In exchange, China agreed it was willing to purchase a "very substantial" amount of agriculture, energy and other goods from the United States to help reduce the trade imbalance.

-China trade war began in July that the two countries both want to reach a truce.

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Trump's tough trade position with China has hurt farmers trying to export soybeans, cotton, corn, and meat overseas.

China has agreed to start purchasing agricultural products from our farmers immediately.

If no broader deal is reached within 90 days, the United States said it would hike tariffs on $200bn of Chinese goods from 10 to 25 percent.

China has already slapped tariffs on $110 billion in US goods. The U.S. spent 716 Billion Dollars this year. "I hope that we can meet when the USA side is ready for it", he said.

Earlier that day, Trump signed a revamped three-way trade deal with Canada and Mexico, fulfilling a long-standing pledge, though the agreement could face headwinds in Congress.

"I think the Chinese are hoping that political and economic factors will converge to convince the Trump administration to lower the bar somewhat so that China can meet some of the requirements", Glaser said. The White House said intellectual property rights was one of the areas on which China agreed to negotiate further, but it did not say whether that topic had been discussed at the meeting. How willing will China be to allow global access to its huge market, and how threatened do their home companies feel by American trade tariffs?

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