Trump tweets that China will slice tariffs on US-made cars

Trump tweets that China will slice tariffs on US-made cars

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Both sides have imposed tariffs on billions of dollars' worth of goods.

"In order to reach this agreement, China agreed to buy a not yet specified but very significant amount of USA goods within agriculture, energy and industry products plus the two sides will begin to immediately negotiate "structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusion and cyber theft, services and agriculture".

While a 90-day ceasefire on new tariffs to allow for trade negotiations not only takes the sting out of the strained relations between the United States and China, it also saves the Chinese leadership from what would have been a potentially intolerable embarrassment to its all-powerful leader on a spotlit world stage.

President Trump said last week he was likely to go ahead with a planned tariff hike and reiterated his threats that the United States could impose tariffs on the remaining $267bn of Chinese imports into the country.

"My meeting in Argentina with President Xi of China was an extraordinary one", Trump tweeted on Monday.

Beijing had reduced auto import duties from 25 percent to 15 percent in July. China said last week that the tariff on the USA would be 15 percent if not for the US tariffs.

While Trump cited the US trade deficits with foreign nations as a reason for implementing the tariffs, the USA trade deficit with China has increased since the tariffs were announced. In addition, the USA said that China will buy a "very substantial" amount of USA products to ease the trade imbalance, and will clamp down on the export of Fentanyl - the deadly synthetic opioid contributing to the 197 overdose deaths per day in the US.

"But probably the most challenging area to resolve - China's discriminatory economic policies based on state support and domestic market protectionism - needs to be addressed in order to level the playing field and have a sustainable commercial relationship based on fairness and reciprocal treatment".

Trump has imposed import taxes on $250 billion in Chinese products.

The catch is, however, that Xi and Trump must find resolution on "forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture" within 90 days, according to the White House press secretary's statement.

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China reaffirmed that the agreement held "great significance".

"The all-clear sign hasn't flashed yet but it's certainly positive news", says Mike Loewengart, vice president of investment strategy at E-Trade.

The truce boosted global markets on Monday with world stocks up almost 1 percent.

But observers warned there were still major issues that needed to be resolved, including access for United States companies and intellectual property protection.

Of course, economists are not convinced that a trade deficit is even a bad thing.

Global stock markets have jumped following the truce in the US-China trade war.

The nationalist Global Times tabloid called it a "momentous step forward" that brings "huge potential for fair trade".

The increases come after the United States and China said they had agreed to not increase tariffs for 90 days to allow for talks.

China has hit back with similar tariffs on $110 billion worth of goods made in the US.

In an editorial, the official China Daily said the new "consensus" was a welcome development but warned there was no "magic wand" that could make grievances disappear.

Mnuchin said the negotiations with China would be led by Trump, with an "inclusive team" of administration officials, including himself and other cabinet officials.

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