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Trump says China to "reduce and remove" tariffs on US-made cars

Trump says China to

It was announced on Saturday after President Trump and Chinese leader Xi Jinping met over dinner that the two countries agreed upon the 90-day truce in order to work out trade differences.

President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on USA cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.

U.S. President Donald Trump predicted Monday "very good things will happen" in a U.S.

The Trump-Xi meeting was the marquee event of Trump's whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine. "That appears to have been a key consideration for Trump, who became more open to a deal as USA stock markets weakened in October and November". "I don't agree with that", he said. If negotiations fail, Trump says he will impose the tariff increase.

Again, this is a move in the right direction but the road to a lasting deal will be littered with potholes and could break down.

Beijing had reduced auto import duties from 25 percent to 15 percent in July.

The US-China ceasefire raises prospects for a larger deal to resolve the trade war between the two countries and US grievances over China's alleged unfair trade practices.

Asked why the auto tariffs weren't mentioned in statements the USA and China issued after the dinner, Kudlow inexplicably insisted that they were. The US has its own import tariff on Chinese-made cars, totaling 27.5 percent.

The markets' initial positive reaction obscures the fact that a firm agreement appears far off.

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A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions.

China reaffirmed that the agreement held "great significance".

Hong Kong's Hang Seng index is up 2.8 percent, while futures are pointing to a higher open in North America.

After being spooked by the conflict, investors returned to buying following the long-awaited meeting between the two presidents.

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

ANALYST'S TAKE: "Markets are reflecting a fragile truce between the US and China after an initial sigh of relief".

Trump agreed not to boost tariffs on $200 billion of Chinese goods to 25 percent on January 1 as previously announced, while Beijing agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said in a statement. It is noted that some $50 billion worth of Chinese imports already face 25 percent tariffs, while the 10 percent tariffs â€"which target a massive $200 billion in goods â€" will also remain in effect. China responded with retaliatory tariffs in the amount of 60 billion dollars.

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.

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