"This is just an enormous, enormous event", Larry Kudlow, President Donald Trump's top economic adviser, said Monday of the ceasefire that Trump and President Xi Jinping reached at the weekend on the sidelines of an worldwide economic summit in Buenos Aires, Argentina. The Dow Jones industrial average dropped 200 points, or 0.8 per cent, in early trading. On Tuesday, Trump said that the trade negotiations between Washington and Beijing would take 90 days.
Top Wall Street economists have expressed doubts about the two sides reaching a concrete agreement.
"There was a rally in the expectation that something had happened, the problem is that something turned out to be nothing".
John Williams, president of the Federal Reserve Bank of NY, also unnerved investors by telling reporters Tuesday that he supports further Fed rate hikes.
Zetsche said it is "impossible" to build all vehicles sold in the United States because of small volumes of small luxury cars.
'All of these help to safeguard China's legitimate interests, and are also in the interests of the United States, and even more are in line with the expectations of the worldwide community, ' he added in a statement carried on the foreign ministry's website. Trump's National Economic Council advisor Larry Kudlow tried to strike an update note while acknowledging to Fox News a deal "hasn't been signed and sealed and delivered yet".
US, China reach 90-day ceasefire on tariffs in trade dispute
But the USA leader didn't specify when the change would happen or what the new tariff level would be, CNN reported on Monday. Trump said on Twitter. -China trade deal would immediately allow American farmers to sell more of their products to Beijing.
Aram... so President Trump is calling himself a "Tariff Man...."
He added: "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".
"I am not sure, you know, that the objective is a trade agreement".
The two leaders on Saturday agreed to the ceasefire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs. China has imposed duties on about $110 billion in USA products.
Trump has argued that China for decades has abused global trade rules to lure away United States jobs, steal USA intellectual property, subsidise its own companies, and strong-arm U.S. firms.
Dan Halstrom, president of the U.S. Meat Export Federation (USMEF), told Meat + Poultry that the progress being made at the summit is encouraging, but there is still more work to be done. Even before the Buenos Aires talks, Trump last month had stated incorrectly that the Chinese government "got rid of" the Made-in-China 2025 programme of subsidised technology development in response to his objections.
'Then, in the next 90 days, we will follow a clear timetable and roadmap to negotiate on issues such as intellectual property right protection, tech cooperation, market access and trade balance, ' he said, stressing the consultations should be based on meeting the interests of both parties.
China has said it will immediately implement measures agreed under a trade war "truce" with the US.