Trump tweets that China will slice tariffs on US-made cars

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

Trump meets Chinese leader at G20 summit amid trade war

Hong Kong's Hang Seng dropped 0.5 per cent to 27,036.96 and the Shanghai Composite index was flat at 2,654.69.

US President Donald Trump and his Chinese counterpart Xi Jinping on Saturday agreed to suspend any new tariffs in the escalating trade war between the world's two largest economies.

On the United States side at the dinner, Trump was accompanied by advisers such as Larry Kudlow and Treasury Secretary Steven Mnuchin, who are widely seen as wanting a deal.

Xi avoids further immediate pressure on China's slowing economy, while Trump - scarred by last month's midterm elections that saw the Democrats regain control of the House of Representatives - can ease damage to agricultural USA states that export to China, particularly soybean producers. Trump tweeted that China has agreed to "reduce and remove" these, without elaborating on the timeline and conditions.

The agreement so far lacks detail, but allows the US and China an additional 90 days to negotiate an agreement.

"President trump agreed that we would leave 10% duty on goods worth $200 billion and will not be 1 January 2019 to increase them to 25%", - said the White house.

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.

Wang added that China is willing to expand imports from the USA according to "the needs of the domestic market and the Chinese people" and that both parties are working to remove all tariffs, according to China Daily.

But the United States leader didn't specify when the change would happen or what the new tariff level would be, CNN reported on Monday.

That's probably the best takeaway from the trade agreement between the United States and China that was announced Saturday at the G20 conference in Buenos Aires. "In that light, we will be watching the negotiations closely".

"While I feel strongly that increased tariffs would have a negative impact and do not agree with the administration's tactics, I do feel that fair and balanced trade between the US and China needed to be addressed".

"I think this is more about delaying the inevitable as much as [the Chinese] possibly can", Keane, a Fox News senior strategic analyst, said.

"Neither side got their maximum demands and it's not the first time in U.S".

China retaliated against key U.S. soybeans with a 25 per cent tariff since July, which caused exports to drop nearly to zero in August and September compared to those months in 2017. "What I'd be doing is holding back on tariffs".

Financial markets surged early Monday celebrating news of the ceasefire, and though by the end of the day the benchmark Dow Jones Industrial Average had given back some gains, it still closed up almost 300 points. In the past it seemed to be little more than an executive retreat.

Bonnie Glaser, director of the CSIS China Power Project in Washington, told CNN the disparity showed there was "a lot of room for misunderstanding" in the deal between Trump and Xi.

However "we remain skeptical of a substantial trade deal between the two economic giants".

How Will Trump's Latest Trade War Threat Affect the G20 Summit? Also, the Chinese government made no mention of cutting auto tariffs.

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