Trump admits he's 'not satisfied' with China trade talks

Jaguar Land Rover is Britain’s biggest carmaker and exporter to China whose car tariffs President Trump has called “stupid trade”

-China trade talks and said any deal would need "a different structure", fueling uncertainty over current negotiations and sending USA stocks lower. He also bucked a report that he was nearing a deal to lift the ban on ZTE, saying there was no deal.

"Both parties have come together today to strongly rebuke ZTE and the administration's soft approach", Schumer said, calling the amendment a "huge" move "in our fight against the Chinese, and we should pass this legislation on the floor immediately".

The new uncertainty about trade talks, coupled with Mr. Trump raising doubts about a nuke summit with North Korea, gave Wall Street the jitters.

The Dow Jones Industrial Average .DJI fell 178.88 points, or 0.72 percent, at 24,834.41, the S&P 500 .SPX lost 8.57 points, or 0.31 percent, to 2,724.44 and the Nasdaq Composite .IXIC dropped 15.58 points, or 0.21 percent, to 7,378.46.

In return, China would eliminate tariffs on US agriculture or agree to buy more farm products from the United States.

"We'll see what happens, but that deal I will say could be much different from the deal that finally emerges and it may be a much better deal for the United States", Trump added.

US President Donald Trump is backing away from the trade agreement the US just announced with China, under pressure from China hawks among his supporters and in Congress who have assailed the accord as a capitulation.

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China's tariff move will be a major boost to overseas carmakers, especially helping premium brands such as Germany's BMW, electric vehicle maker Tesla and Daimler AG's Mercedes-Benz close a price gap on local rivals.

Another executive at the firm's Chinese joint venture said it was "great news" but that the biggest beneficiaries would likely be German luxury carmakers, which also include Volkswagen AG's Porsche and Audi brands.

Trump has already imposed tariffs on imported steel and aluminum, using national security as his rationale.

The Pentagon recently banned USA bases from selling Huawei and ZTE devices in retail stores, as they "may pose an unacceptable risk to the department's personnel, information and mission". The Pentagon previously banned the phones on military bases because of security concerns, namely that the phones could be used for spying by the Chinese government.

Some 26 senators urged the administration in a letter to keep penalties in place for "serial and pre-meditated violators of United States law, such as ZTE".

But that shutdown would cost American jobs as well, he continued. Chris Van Hollen, D-Md., passed the Banking Committee Tuesday by an overwhelming margin.

He said the situation was "deeply troubling, regardless of your political party".

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Republican and Democratic lawmakers said they were looking at ways to block any possible changes.

But no formal deals have been struck, and China has denied that any figure was set during negotiations in Washington.

This is still not the end of things, trade deals like this are often of the "nothing is agreed until everything is agreed" type. But without access to USA microchips, software and other parts, its ability to manufacture smartphones and network gear is seriously crippled. "There is no deal".

Trump commented on the ZTE case as USA news accounts quoted officials as saying a deal was near.

"There is no deal", Trump said flatly on Tuesday, seemingly rejecting comments by his own top economic officials who suggested the United States and China were on the cusp of an agreement to reduce the US' trade deficit with China.

"This affair is a screaming violation of the US Constitution's emoluments clause, which flatly prohibits the acceptance of gifts and benefits from governments in the absence of congressional consent", Robert Weissman, president of Public Citizen, a consumer advocacy organisation frequently sceptical of free trade agreements.

White House press secretary Sarah Huckabee Sanders brushed off the critique.

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