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Trump, White House Backtrack on Claims of China Car Tariff Deal

“White House officials are contorting themselves into pretzels” to not say the president lied.

by Paul A. Eisenstein on Dec.04, 2018

President Trump is revealing that China's plan to cut tariffs wasn't actually plan, but a starting point for negotiations.

Just days after President Donald Trump emerged from a 2-1/2 hour dinner with China’s Xi Jinping claiming to have an “incredible” trade deal that would, among other things, roll back automotive tariffs, it appears that little to nothing concrete was resolved between the two leaders.

That leaves the auto industry in limbo as manufacturers on both sides of the Pacific try to figure out precisely what to do now, especially when it comes to bilateral automotive exports. Several manufacturers, notably including BMW and Volvo, have been hinting that if the trade war continues they may have to transfer some of their U.S.-based production to plants in China.

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Following the meeting with Xi at the end of the G-20 conference in Argentina last Sunday, Trump tweeted, “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.” But he and others in the White House have been forced to backtrack, Trump’s National Economic Council advisor Larry Kudlow telling Fox News a deal “hasn’t been signed and sealed and delivered yet.” (more…)