China-US Ceasefire Paves Way For New LNG Projects

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Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the US and China, but "it remains to be seen" what results it will yield. China has placed a 10 percent tariff on U.S. -LNG imports with the threat of increasing that figure in the future, resulting in China having to find alternate sources of the super-cooled fuel on the spot market.

"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", he said.

Trump's economic team has spun his knee-jerk protectionism as a tactic created to negotiate "better" trade deals - but so far, those better trade deals don't seem to be stronger than the status quo ante. Auto tariffs will be discussed right away in follow-up talks, Kudlow said. But if a deal doesn't happen, he reminds his followers, "I am a Tariff Man".

White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.

The 90-day truce in the escalating trade war between the USA and China came during a dinner meeting between the two presidents following the G-20 summit of the world's biggest economies in Buenos Aires. China committed to start lifting tariffs and non-tariff barriers immediately, including reducing its 40 percent tariffs on autos, Kudlow said.

Amid a series of morning tweets that seemed to contradict his administration's claims about a supposed trade deal between the USA and China, President Donald Trump declared himself to be "Tariff Man".

In the past 24 hours, there were signs that White House officials were beginning to backpedal from some of their initial optimism. 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.

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The currency of the second biggest economy is believed to be gaining strength, taking into account two factors, one of which is the productive Trump- Xi meeting on the side-lines of the Buenos Aires-hosted G20.

Negotiators will actually have fewer than 90 days to reach a deal because of holidays in the two countries over the next three months, the Chinese ambassador to the United States, Cui Tiankai, told reporters on Monday. "We said that you also have to demonstrate greater market access, and one of the many ways they can do that is by purchasing hundreds of billions of dollars of both agriculture and non-agriculture products".

"If it is, we will get it done", Trump wrote in a Twitter post.

China has made no direct mention of specific goods they will start to buy nor given any timeframe for when they may start.

"I would use that as a litmus test, it's so easy", said Kudlow, director of the National Economic Council.

Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.

Mr Xi and his most senior officials, including the Commerce Minister and the country's two top diplomats, are in Portugal, and due back in China on Thursday.

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