Trump is leading USA trade negotiations with China: Mnuchin

U.S. President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires 1/12/2018

If talks fail, the tariff rate on $200 billion of the original $253 billion worth of goods will be hiked from 10 percent to 25 percent.

The United States expects China to take immediate action to cut tariffs on U.S. auto imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said on Monday.

US President Donald Trump said Tuesday the talks to resolve the trade dispute with China had begun already and would last for 90 days unless they were extended.

Early Tuesday, Kudlow said the White House doesn't yet have a deal with China to reduce tariffs on US -made cars, backtracking from a tweet by the president just two days earlier.

Wang did not mention this timeframe, though Chinese state media has. He added that negotiations were held in a "friendly and candid atmosphere". Vice Commerce Minister Wang Shouwen told reporters that China and the United States would step up talks to remove the existing 25 percent tariffs (on some other products), but gave no timeframe. The US said that China will purchase a "very substantial" amount of US products to ease the trade imbalance, and would clamp down on the export of deadly synthetic opioid fentanyl to the US.

In a series of tweets, Trump celebrated the opening of negotiations between China and the US.

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Another significant take-away from the preliminary agreement could be its impact on energy markets, both US oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.

The United States expects China to take immediate action to cut tariffs on USA vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Larry Kudlow, director of the White House National Economic Counci, said on Monday. The downside for China is that it also needs USA sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.

The U.S. LNG sector also needs Chinese participation, however. These projects not only need to sign long-term off-take agreements with Chinese entities, but many of them, particularly newcomers not backed by more experienced oil and gas majors, will need Chinese financing to go ahead.

However, there are differences in both countries' official accounts of what was agreed.

The appointment of U.S. Trade Representative Robert Lighthizer to lead the talks instead of Treasury Secretary Steven Mnuchin puts one of the administration's toughest China critics in charge.

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