China gets U.S. tariff delay but movement on tech unclear

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

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

US President Donald Trump and Chinese President Xi Jinping have struck a temporary 90-day ceasefire to deescalate trade tensions between the world's two largest economies.

US President Donald Trump said on Monday that China had agreed to cut tariffs on US cars imported into China.

President Donald Trump Monday said that America's relationship with China has taken a "BIG leap forward" and he was willing to have a trilateral discussion involving Russian Federation to reduce the arms race, a day after his meeting with President Xi Jinping on the sidelines of the G20 Summit in Argentina.

Trump's surprise announcement comes a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal.

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One of China's major concerns is USA interference in areas it considers "internal" matters.

U.S. Trade Representative Robert Lighthizer said last week he was examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent that China was charging on U.S. -produced vehicles.

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.

The White House statement said China had agreed to purchase a "very substantial" amount of American products, including "agricultural product from our farmers immediately". China retaliated with tariffs on $110 billion of United States imports.

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

President Trump ended by saying he hopes, in the near future, President Xi and Russian President Putin can get together with him to discuss ending the uncontrollable arms race.

"(Both leaders) instructed the economic teams of both sides to step up negotiations toward the removal of all additional tariffs and reach a concrete deal that is mutually beneficial and win-win", Xinhua said.

Further, the differences between the statements released by the USA and China suggest that the two sides hold substantial gaps about expectations for negotiations.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down "as one of the largest deals ever made".

The truce was formed following a high-stakes working dinner on the sidelines of the G20 meetings in Buenos Aires, Argentina on December 1, 2018. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said. "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". "Relations with China have taken a BIG leap forward!" "Both sides avoided the worst-case scenario".

"With Trump himself having personally negotiated the latest deal, this one has a much greater chance of leading to a lasting truce", he wrote in a research note.

The US president did not send any subsequent tweets Sunday explaining which auto tariffs would be removed, and which would be reduced.

A more upbeat assessment was published in the state-owned Global Times, which is run by the People's Daily, the mouthpiece of the Communist Party.

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