06 December, 2018
Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the us and China, but "it remains to be seen" what results it will yield. The euro rose to $1.1385 from $1.1353.
Washington will raise duties on Chinese goods, Beijing will increase the imports from America and the parties would meet within 90 days of the negotiations to resolve disputes in trade.
It remains uncertain how the two sides will resolve underlying USA concerns over trade barriers, subsidies and alleged technology theft.
Trump cited Russia's seizure of Ukrainian ships last week as the reason he canceled a planned bilateral meeting with Russian President Vladimir Putin.
President Trump is touting great progress on trade talks with China, following his meeting with the Chinese president at the G20 summit.
In addition to the Dow, futures for the S&P 500 and the Nasdaq have also jumped significantly, with futures on oil and copper posting large increases as well on hopes a China-U.S. trade deal could boost global economic growth.
The president also touted an agreement with China to reduce tariffs on cars entering China from the United States.
Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment.
Trump slapped 10 per cent tariffs on $200 billion in Chinese goods in September.
China has made more than $1.2 trillion in additional trade commitments as part of a deal reached by U.S. President Donald Trump and China's Xi Jinping and Beijing has vowed to take immediate steps on those promises.
The truce was formed following a high-stakes working dinner on the sidelines of the G20 meetings in Buenos Aires, Argentina on December 1, 2018. Americans will get majority ownership in companies in China for the first time, which should help address those issues, he said on CNBC.
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"If they cancel the extra 25 percent tariff on USA -made cars, then we will see positive signs for imported cars", said director of the China Automobile Dealers Association's import committee, Wang Cun, according to Reuters. The Chinese side agreed to expand its imports based on demands from the domestic market and Chinese citizens, including buying suitable U.S. products, to gradually ease the trade imbalances.
Trump's tweet did not explain which tariffs would be reduced or removed, or when China would act.
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.
On the non-trade issues, Beijing was more open, announcing that China will tighten supervision of Fentanyl and review rules on the drug.
He said for the first time there was "a clear path" to reduce the U.S. trade deficit with China to zero.
What pushed the two sides to the table?China would also buy agricultural products from U.S. farmers immediately.
However, he has faced fierce criticism from United States business groups, as the tariffs lead to reduced exports of crops such as soybeans, while raising costs for businesses that rely on Chinese imports.
China responded by imposing its own tariffs.
Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".
However, concerns remain over the differences between the official statements released by the two countries.