A total of $US360 billion worth of goods flowing between the two countries are subject to new tariffs imposed this year: $US250 billion worth of Chinese goods coming into the USA and $US110 billion worth of U.S. goods going to China.
On Monday, Asian stock markets welcomed President Donald Trump's agreement to postpone U.S. tariff hikes on Chinese goods for 90 days while the two sides negotiate. -China relations "have taken a BIG leap forward" after he and President Xi Jinping agreed on a trade truce, using the name of a Communist Party of China farm reform program that killed tens of millions of people 60 years ago.
Asian and European stock markets jumped on Monday, with Hong Kong and Shanghai closing sharply higher and the yuan strengthening after months of trade-war turbulence.
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. "I think that's going to be a very primary reason we'll probably end up getting something good for China and good for the United States".
Perhaps the most interesting thing to try and calculate after the seeming trade ceasefire between the United States and China is the level of cynicism that will greet the new detente. Trump said, however, "We are dealing from great strength, but China likewise has much to gain if and when a deal is completed".
'Farmers will be a a very BIG and FAST beneficiary of our deal with China.
The tariffs were also imposed to try and force China to make changes to their economic practices, specifically the theft of United States intellectual property.
Despite the questions, US President Donald Trump was in an ebullient mood, promising benefits to US farmers and vehicle companies.
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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.
"This was an awesome and productive meeting with unlimited possibilities for both the United States and China", Trump said in a statement released after Saturday's meeting.
China's statement also placed greater emphasis on economic cooperation and restoring diplomatic relations, the kind of high-minded talk that for decades has been more typical of American presidents.
Trump, at his political rallies and news conferences, often praises the increase in USA military spending during his almost two years in the White House. Tariffs remain in place, but the tit-for-tat will pause to see if there is any genuine room for compromise.
Both leaders expressed optimism as they and top aides sat down at a long hotel table in Buenos Aires, just before Trump was due to board Air Force One for Washington after attending the summit of G20 countries.
Mr. Trump's tweet on the apparent deal on auto tariffs came a day after the White House said he and Chinese President Xi Jinping had agreed to a truce in the ongoing trade war, and Mr. Trump agreed not to raise US tariffs on Chinese goods any further for several months.
The mercurial US leader was effusive on the meeting with Xi, telling reporters on Air Force One that China has agreed to immediately buy "tremendous amounts of agricultural and other product" and this will have an "incredibly positive impact on farming".
The both leaders also agreed to start negotiations on structural changes "with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture".