Steve Bannon Blasts Mnuchin for Botching China Trade Negotiations

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After jumping by as much as 371 points, the Dow Jones industrial average ended up by 298 points, or 1.2 percent, to 25,013. Dan DiMicco, a former steel C.E.O. who had been a vocal supporter of Trump's steel and aluminum tariffs, tweeted, "Did [the] president just blink?" As long as they do that, they are unlikely to introduce any tariffs. Boeing rose 3.6%, while Caterpillar shares gained 2.1%.

Still, Mr. Trump rubbed Democrats' faces in the promising developments, singling out his nemesis Senate Minority Leader Charles E. Schumer of NY.

They pledged to further strengthen cooperation with China in such areas as trade, investment, green development and people-to-people exchanges at the local level, so as to make positive contribution to bilateral ties. "Fair Trade, plus, with China will happen!" He said the us must focus on getting China to agree to reforms such as scrapping requirements that usa companies share technology with their Chinese counterparts in order to take part in joint ventures there.

"It gives us more confidence going forward that we can get this foreign market opened back up", Winter said.

And there was no mention of Chinese telecommunications maker ZTE Corp., facing a death sentence after it was cut off from American suppliers for allegedly lying to the USA government after flouting sanctions. Trump later ordered Lighthizer to seek up to an additional $100 billion in Chinese goods to tax.

China pulled back from retaliating with tariffs on about $50 billion worth of American goods.

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China agrees to the framework of a deal that includes increased sales of USA farm products to China by 35 to 40 percent.

Mnuchin and U.S. President Donald Trump's top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.

As a result of the shale gas boom, the U.S. is avidly seeking new export markets and wants to compete with Russian Federation and Norway, the EU's current main gas suppliers.

Europe has also raised the possibility of backing a drive to reform the World Trade Organization, the global trade watchdog that Trump accuses of being soft on China and harmful to U.S. interests. But Beijing made no specific commitment.

However, trade ministers from the bloc's 28 member states will discuss a plan laid out by EU leaders for a limited EU-US trade deal as well as opening up the European market to US natural gas - if the exemption is granted.

The comment came a day after the USA and China released a joint statement in which they pledged to "substantially reduce the United States trade deficit in goods with China".

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However, he agreed with Mr. Trump assessment that previous presidents didn't do enough to confront China's unfair trade practices.

Questions also remained over the administration's handling of ZTE. Beijing promised to "significantly" increase purchases of USA goods and services, but there was no dollar figure attached, despite White House assurances that China would cave to its demand for a $200 billion annual reduction in the trade gap.

The U.S. Grains Council, which promotes U.S. exports, would like China to speed up import approvals of U.S. biotech crops such as corn and reduce tariffs on shipments of U.S. ethanol and an ethanol byproduct known as distillers' dried grains, Chief Executive Tom Sleight said.

U.S. Commerce Secretary Wilbur Ross will travel to China next week to help finalize a trade agreement, Mnuchin said on Monday.

"We are putting the trade war on hold", Mnuchin said on "Fox News Sunday".

"Until we see some hard evidence that some major concessions have been made or whatnot, we're kind of taking a wait-and-see approach", Brink said.

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He added, "It is certainly good news. I want this to happen, and North Korea to be VERY successful, but only after signing!" "If they can work out a broader deal with the Chinese, that is a good thing".

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