ZTE could reportedly receive reprieve in tentative US-China trade deal

Trump tempers expectations for possible US-China trade deal

Trump has been insistent about reducing the trade deficit - which the White House has blamed for the loss of millions of U.S.jobs - between the two countries and has taken aim at China's practice of intellectual property theft.

"A lot of the stories on trade were incorrectly written". He did not elaborate. The EU has so far been exempt from the tariffs, but its reprieve runs out June 1.

The latest round of tariff easing is part of a flurry of policy announcements in recent months aimed at demonstrating China's commitment to opening the economy - partly in response to the accusations of protectionism leveled by the Trump administration.

Talk of the deal isn't a complete surprise.

It was unclear what kind of structure the president had in mind. One of China's trade demands in talks with the US this month included removing a ban on selling integrated circuits to the Asian nation.

Tension between the two sides has been growing since the Trump administration proposed tariffs of $US50 billion ($66 billion) on Chinese goods and said it might extend the levies to an additional $US150 billion ($199 billion).

Following a Chinese delegation's visit to Washington last week, both nations said they reached an agreement on trade-related issues and agreed to expand exports of U.S. products to China. But those promises do not come close to assuring a reduction of the bilateral trade deficit, despite the fact that a reduction of Chinese tariffs would certainly increase Chinese purchases of USA goods.

He later added he is not satisfied with the current state of trade talks with China. -China relations as the second-ranking Armed Services Republican, when asked if Rubio is correct that China is winning the trade dispute.

"Investors are at a point where they're taking everything that is said tentatively, with a grain of salt."

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Mr Trump said last week he had directed Mr Ross to put ZTE back in business, but Mr Kudlow said any changes would be minimal. Then it varied from United States dollars 100 billion to USD 500 billion.

PRESIDENT TRUMP'S trade war with China is over, at least temporarily, and here's the after-action report: Advantage, China. Responding to a reporter's question about the U.S.

One sanctions expert questioned whether Trump has the legal authority to impose new fines on ZTE, which agreed past year to pay $1.19 billion, including $890 million in fines and penalties, and an additional penalty of $300 million that could still be imposed. "Our auto workers are going to be extremely happy".

Treasury Secretary Steven Mnuchin said Sunday that the administration's plan to impose tariffs had been suspended, and Trump said on Twitter on Monday that the Chinese had agreed to purchase unspecified amounts of American farm products. The president spared Canada, Mexico and the European Union from the tariffs. They have never delivered on 1 promise in the past.

Existing sanctions, including United States tariffs on steel and aluminium and Chinese tariffs on USA products such as wine, remain in effect.

Import tariffs for auto parts would be cut to 6 percent from mostly around 10 percent, the ministry said in a statement. The cut in Chinese auto import tariffs could help Tesla, which has been looking to break into the Chinese market. "So we'll see what happens".

The U.S. didn't offer even a temporary exemption to Japan, America's most important ally in Asia. The Pentagon has already banned ZTE products from being sold on American military bases. Bilateral trade deficits don't have any economic relevance.

Upon conclusion of the meetings, the two nations released a joint statement. China vowed to retaliate in kind, sparking fear of a trade war.

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