USA agrees to suspend new China tariffs for 90 days

USA agrees to suspend new China tariffs for 90 days

The euro rose to $1.1385 from $1.1353.

In a surprise announcement tweeted Sunday night, Trump also said China would "reduce and remove" tariffs of 40 per cent on cars, though Beijing has yet to confirm the move.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

My meeting in Argentina with President Xi of China was an extraordinary one.

According to the USA statement, part of the deal to halt stricter tariffs was that the Chinese side would make unspecified but "very substantial" purchases of United States goods immediately. And the threat to slap tariffs on everything China exports to the US will presumably be back on the table as well.

What was agreed at the G20? .

President Trump and President Xi have agreed to negotiate the transfer of technology including non-tariff barriers, cyber intrusions, and cyber theft, services, and agriculture.

China has agreed to "reduce and remove" tariffs below the 40 percent level now in place on US-made vehicles, US President Donald Trump has said, after the two countries agreed a trade war ceasefire.

China imposed a retaliatory 25% tariff on imports of cars from the US over the summer in response to Trump's own tariffs.

But again, there was no reference to new purchases in Chinese statements, which only reported that parties wanted to reach a "concrete deal that is mutually beneficial".

Both countries have agreed to open up their domestic markets.

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Beijing and Washington are now locked in a trade war, after Trump began imposing tariffs on Chinese goods for violating intellectual property rights, also accusing the Asian nation of unfair trade practices amounting to a $375 billion U.S. trade deficit with China.

The not-so-subtle disparities between the United States and Chinese official statements highlight how much a gap needs to closed in the three-month trade war time-out. The Office of the US Trade Representative did not immediately return a request for comment, neither did representatives for China's commerce ministry.

The leaders set a 90-day deadline to reach a more conclusive trade agreement. He said he hopes China will criminalise fentanyl, the synthetic form of opioids largely shipped from China. The symbolism ahead of the Xi meeting was clear: The Trump administration has looked to find common cause with both nations in countering China's regional hegemony. "The two sides appear to have had a major change of heart to move away from confrontation toward engagement".

Still, analysts cautioned the deal may have only bought some time for more wrangling over deeply divisive trade and policy differences, and said China's economy will continue to cool regardless under the weight of weakening domestic demand.

But the USA leader's tweet alone was sufficient to boost stock prices for European auto giants Daimler AG and BMW, the Reuters news agency noted on Monday.

However, the state of the Chinese economy has been putting pressure on Xi, as economic growth has slowed this year, battering its stock market.

Reuters notes the United States now charges a 27.5 percent tariff on vehicles with a "made in China" label.

Will this resolve the dispute?

. We'll know more when the White House sends out an official statement. The truce in the trade war will offer a space for intense negotiations between the two giants to deal with the bilateral trade issues.

That's surely good news, and it's the first indication since the U.S.

"It's an incredible deal", Trump said.

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