Trump agreed to delay the scheduled US tariff increase for 90 days while the two sides negotiate over the administration's technology-related complaints.
U.S. exports of cars and light trucks to China were worth US$9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.
Washington agreed to delay a tariff increase on more than 200-billion US dollars' worth of Chinese imports to 25-percent from 10-percent originally planned to go into effect on January 1st, . while China agreed to resume purchases of USA farm and energy commodities.
As per an earlier statement from the White House, the US leader also said China would now look to buy from the USA a "tremendous amount of agricultural and other products", in a bid to address the one way flow of trade.
U.S. President Donald Trump said China had agreed to cut import tariffs on American-made cars, buoying shares in BMW and Daimler AG who manufacture in the United States for export to the world's biggest auto market.
"In order to really make a difference, China needs to enact more sweeping comprehensive reforms in the short term", Zarit said.
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"Mnuchin said China had agreed to make "big, long-term commitments" to purchase USA liquefied natural gas", provided that the United States builds sufficient export terminals.
Xi also reiterated China's stance on the Taiwan issue and the USA side pledged to continue to adhere to the one-China policy. "He's going to hold the Chinese accountable".
According to Wang, the two presidents "reached important common understandings and the meeting certainly has charted the course for China-U.S. relations in the some time to come".
The meeting between Xi and Trump on December 1 turned out better than expected.
The state-run China Daily struck a cautious tone.
At a more than two-hour dinner meeting in Buenos Aires, the US agreed to temporarily halt escalating trade actions and China agreed to begin opening up its markets to American goods.
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The editor of the Chinese official Global Times, meanwhile, said that his sources also confirmed that the talks "went well and consensus was reached".
Speaking to reporters aboard Air Force One on Saturday, Trump said, "It's an incredible deal". In doing so, they cited the trade conflict as well as political uncertainty. The U.S. spent 716 Billion Dollars this year.
The White House said Saturday the two sides would "immediately" begin talks on "structural changes" affecting forced technology transfer, intellectual property protection and cyber theft. On Friday, on the sidelines of the G-20 summit in Argentina, he and his Mexican and Canadian counterparts signed an agreement that, if approved by Congress, would replace the North American Free Trade Agreement.
The US leader tweeted on Sunday that China had agreed to scale back tariffs on cars, but he did not explain which would be removed and which would be reduced.
Very importantly, President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China's maximum penalty under the law.
But Mnuchin said, "I think there's no question the president's tariff strategy has worked".
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