Trump says US-China ties make 'BIG leap forward'

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

Trump meets Chinese leader at G20 summit amid trade war

On those more major issues, the gaps between the United States and China remain wide, despite the consensus Trump and Chinese President Xi Jinping reached over what they both called a "highly successful" working dinner in Buenos Aires, Argentina.

President Donald Trump has agreed to temporarily hold off increasing tariffs on $200 billion in Chinese-made goods in exchange for China purchasing "a not yet agreed upon, but very substantial" amount of American-made products.

The tweets come as the president said China would commit to removing heavy auto tariffs on us made cars.

Trump alluded - possibly inadvertently - to the "Great Leap Forward", Mao Zedong's disastrous campaign to rapidly industrialize China's agrarian economy, which historians believe led to the deaths of tens of millions of people in the Great Chinese Famine. It has involved both countries imposing tariffs on billions of dollars' worth of goods, with the U.S. hitting Chinese goods with $250bn of tariffs since July, and China retaliating by imposing $110bn worth of duties on USA products.

Prices on some Chinese new vehicles have soared as a result of the 40 percent tariffs the country has put on US -built cars and light trucks since the summer. Jinping has also pledged to immediately begin negotiations on structural changes with respect to forced technology transfer and intellectual property protection. He said relations have taken a big leap forward, adding, US farmers will be a very big and very fast beneficiary of the deal after China agreed to purchase more agricultural equipment. Instead, those tariffs will remain in place but at the current, lower rate.

Chinese Foreign Minister Wang Yi has said that "the principal agreement has effectively prevented further expansion of economic friction between the two countries".

"Trump's latest tweets this morning, which touted the benefits of the agreement for U.S. farmers and his own prowess as a dealmaker, suggest he will be reluctant to walk away from negotiations for a second time", he said.

Trump's tough trade position with China has hurt farmers trying to export soybeans, cotton, corn, and meat overseas.

That's because for China, Trump's trade war has never been only - or even mainly - about trade.

Trump, on Air Force One leaving Buenos Aires, told reporters that if a deal happens with China, "it goes down as one of the largest deals ever made".

The US will need to see "something concrete" from China on trade in the next 90 days to build a real agreement, Treasury Secretary Steven Mnuchin said Monday (Dec 3). "As that picture is getting bigger, we can accept those differences while acknowledging them peacefully, and be more active and open-minded in solving problems through interaction".

This isn't the first time Trump has spoken in glowing terms of an incremental agreement to cool tensions he contributed to escalating.

US officials will monitor Chinese progress on enforcing the commitments very closely, Kudlow said.

"This is probably the best case scenario that markets were hoping for", Rakuten Securities Australia, a brokerage based in Sydney, stated in a note.

"My relationship is very special, the relationship that I have with President Xi", he said as the two men were seated. "Farmers, I LOVE YOU!"

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