Trump's China auto deal could help these countries

I am a tariff man’ Trump warns China against raiding ‘great wealth’ of US as trade talks start

Donald Trump addresses Chinese business leaders on a state visit to Beijing in 2017

The commerce ministry is due to hold its weekly news briefing on Thursday.

"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", JPMorgan Chase said in a trading note.

In return, Washington said China would purchase "very substantial" amounts of U.S. agricultural, energy, industrial and other products.

While Washington touted the immediate increase in Chinese purchases of USA agricultural products, Beijing's statement was much more open, with no reference to immediate or agricultural products. The Chinese market, he noted, is good for more expensive cars manufactured in Europe, but also smaller, more affordable ones produced in Japan and South Korea; it's the American-made cars like trucks and big SUVs that don't have quite the same appeal. In July, Trump said he was willing to slap tariffs on every single Chinese import if China did not agree to an acceptable trade deal.

Referring to himself as a "Tariff Man", Trump issued a series of tweets that only further deepened the murkiness surrounding the trade truce that the two leaders said they had reached Saturday evening on the sidelines of the Group of 20 meeting.

The U.S. embassy in Beijing posted a Chinese version of the White House's readout of the meeting on the popular WeChat platform on social media, but reposting it was not possible. White House: "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".

"I think that if you put the two press releases together, you can see what basically happened", Cui Tiankai told Reuters in Washington on Monday after returning from Buenos Aires, where he had joined Xi's delegation. They wouldn't even acknowledge that there was a 90-day deadline under which they were operating.

"Historically, the Chinese have tried to respect the WTO obligations, which are plain and simple decided in a case against them", he said.

But the deal was also vague, and the uncertainty has led to skepticism that the divides between the United States and Chinese goals can be bridged.

The stock market jumped after the news was announced.

Despite the president's detailed claim, the president's top economic adviser, Larry Kudlow, said Monday that there is no "specific" agreement on what level Chinese auto tariffs will drop to, while Mnuchin said the two leaders had "specific discussions on where auto tariffs will come down to" but said he wasn't in a position to publicly reveal what the numbers in the tentative agreement are, nor did he clarify whether tariffs will be completely removed or reduced.

That may reflect differences in political culture more than anything, said Luwei Rose Luqiu, a journalism professor at Hong Kong Baptist University.

While Trump hailed the agreement with Xi "an incredible deal", a lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted.

National Security Adviser John Bolton said "some major changes" would need to be reached in China's behavior, but added, "Is there a path forward in which we can have fair and reciprocal trade?"

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