Asia markets rise after United States and China agree to trade truce

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

US and China 'will impose no new tariffs'

The president spoke briefly on Air Force One late Saturday as he left Buenos Aires to return to Washington.

The meeting lasted for two and a half hours, much longer than planned, said Chinese State Councilor and Foreign Minister Wang Yi at a briefing on the closely-watched Xi-Trump meeting.

The Trump administration has taken a tougher tone against Beijing, stating that the United States is prepared to more than double its tariffs on Chinese goods if they fail to reach a deal.

"However, the United States threatened that if no agreement is reached after this period, the 10% tariff rate on USD200bn worth of Chinese goods will be raised to 25%".

The two sides also agreed to start discussions on other contentious issues, including intellectual property protection, non-tariff trade barriers and cyber theft.

After 90 days, if there's no progress on structural reform, the USA will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.

"President Trump is right to have zeroed in on China's unfair trade practices, but a trade war with China isn't good for the world's economy over the long term, and it's not good for the USA economy either", Delaware Sen.

Although Trump hailed the deal as "incredible", analysts have pointed out that China actually compromised little.

BEIJING: China will roll back tariffs on US-made cars, US President Donald Trump said, unveiling another potential breakthrough in a trade war truce that cheered stock markets on Monday.

Amid the trade tensions, China has sharply curtailed its purchases of USA soybeans and other produce, dealing a significant blow to farmers, a major support base for Trump.

"The ceasefire is a win-win situation, an excellent outcome".

Sanders added that China had agreed to make several concessions as part of the trade detente, including a promise to buy a "not yet agreed upon, but very substantial" amount of agricultural, industrial and other products from the U.S. Beijing will no doubt attempt to make good on its pledge to increase purchases of US goods, turning probably to soybeans and potentially energy.

The two leaders agreed to expand cooperation based on reciprocity and mutual benefit and manage differences based on mutual respect, so as to jointly advance China-U.S. relations with coordination, cooperation and stability as the defining features.

"Both sides avoided the worst-case scenario".

Some $50 billion worth of Chinese imports already face 25 per cent tariffs, while the 10 per cent tariffs - which target a massive $200 billion in goods - will also remain in effect. That increase has now been deferred. He'd threatened, however, to raise the tariffs on the $200 billion to 25 percent, starting January 1. Keeping tariffs at 10% will mean the drag stays at 0.5 ppt. "China agreed to increase imports from the US", Zhang said.

"My relationship is very special, the relationship that I have with President Xi", Trump said as the two men were seated.

Tweeting on Sunday night, Trump said: 'China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%'.

According to an earlier Bloomberg report, most fentanyl found in the U.S.is manufactured in China.

Trump last week ordered a separate review of China's 40 per cent tariff on auto imports from the USA, 25 percentage points of which are the result of Chinese retaliation against Trump's own tariffs on imports from China. Xi also agreed to designate Fentanyl, which has been one of the drugs driving the opioid crisis in the USA, as a Controlled Substance.

The dinner was moved up by about an hour after USA leader's schedule opened up on Saturday.

Earlier the United States president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.

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