Trump announces Chinese rollback of auto tariffs

G20: BRICS slam protectionism as China-US trade war dominate summit

Wang added that China is willing to expand imports from the United States according to "the needs of the domestic market and the Chinese people" and that both parties are working to remove all tariffs, according to China Daily.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated. "But at least, a delay in tariff escalation is positive for the near-term economic outlook, and the decision keeps alive the prospect of a resolution of the US-China trade conflict".

On the USA side, these included advisers such as Kudlow and Treasury Secretary Steven Mnuchin, who are widely seen as wanting to cut a deal, but also hawkish advisers like Peter Navarro and United States trade representative Robert Lighthizer.

Meanwhile, China has targeted $110 billion worth of United States imports for tariffs.

Trump agreed to hold off on plans to raise tariffs January 1 on $200 billion in Chinese goods.

China will agree to purchase a not yet finalized but very substantial amount of agricultural, energy, industrial, and other products from the United States to reduce the imbalance.

Mr Trump later wrote on Twitter that China would "reduce and remove" tariffs on US-made cars, which had been raised to 40% over the summer as tensions escalated. The Chinese Commerce Ministry, which typically makes announcements regarding tariffs, didn't respond to a faxed request for comment.

What's missing in China's official statement?

"The time was much longer than the schedule", Wang told reporters after the dinner meeting in the Argentine capital of Buenos Aires. The White House also says China has agreed to buy more American goods, although it did not specify how much.

While the Chinese also said the summit was successful, Chinese media, -viewed as speaking for their government-neglected to mention major points of agreement the administration has claimed, CNBC reported. "China will be getting rid of tariffs", Trump said.

The US leader called his deal with Xi as "incredible".

What pushed the two sides to the table?

It's unlikely that a one-time boost in purchasing American exports will change that, and it's not at all clear that China will be able to pressure domestic businesses into making those purchases while the tariffs it erected against American farm products are still in place.

However, he has faced fierce criticism from USA business groups, as the tariffs lead to reduced exports of crops such as soybeans, while raising costs for businesses that rely on Chinese imports.

The stock market jumped after the news was announced.

In China, tariffs have also weighed on the economy.

Under the agreement reached in Buenos Aires, the two countries have 90 days to resolve their differences over Beijing's tech policies. Whether this turns into a genuine armistice or just a momentary ceasefire remains to be seen.

Questioned about the agreement on Monday, Treasury Secretary Steven Mnuchin and Trump's top economic adviser, Larry Kudlow, dialed back expectations and added qualifiers.

"That's what happens when you don't have the detailed negotiations going into the summit" and end up with the "broad swath of a 35,000-foot deal", said Bonnie Glaser, a China expert at the Center for Strategic and International Studies in Washington.

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