The Dow Jones Industrial Average plunged on Tuesday amid fears of an economic downturn, led by disappointing bank earnings and unresolved trade issues between the US and China.
Trump has long accused China of unfair trade practices that hurt Americans and the USA economy. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. "It will always be the best way to max out our economic power", he said. We saw how that panned out with the North Korean denuclearization talks, where Trump appeared to believe he'd walked away with more than he actually got, so there's reason to be skeptical until more details appear.
White House economic adviser Larry Kudlow says there is no "specific agreement" between the United States and China that would address China's tariffs on USA auto imports but says he "expects" those duties to go to zero. At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments. "Chad Bown, a trade expert at the Peterson Institute for International Economics, estimates that 12 percent of US imports were covered by tariffs in September".
US President Donald Trump has held out the possibility of an extension of the 90-day trade truce with China but made clear he would revert to tariffs if the two sides could not resolve their differences.
Meanwhile, as Trump and White House officials tout the truce, Beijing has said little on a pact that cheered markets but left many questions unanswered.
The Chinese government's top diplomat, State Councillor Wang Yi, was less specific, telling reporters China will import more products, based on market demand, from the United States in efforts to gradually ease imbalances in two-way trade. "We said that you also have to demonstrate greater market access, and one of the many ways they can do that is by purchasing hundreds of billions of dollars of both agriculture and non-agriculture products".
Dow sinks nearly 800 points as trade truce enthusiasm fades
China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.
White House trade director Peter Navarro detailed on Monday what the administration hopes to accomplish by lifting tariffs on China for 90 days.
As tit-for-tat trade tariffs ratcheted up between the nations this year, China slapped retaliatory duties on US soybeans, pork and a host of other agricultural goods.
Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.
"Stuff is happening today", Kudlow said.
Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve United States concerns in the process of further opening-up.
Urban Meyer retiring as coach of Ohio State
In 2014, Meyer had brain surgery to address a congenital arachnoid cyst , but he still deals with occasional painful headaches. Meyer considered Bruce, a former Buckeyes head coach who died in April, his mentor and a father figure in the coaching world.