US, China reach 90-day ceasefire on tariffs in trade dispute

China's Xi Jinping and Argentina's Mauricio Macri also announced more than 30 agriculture and investment deals

The two sides also agreed to open market to each other, said Wang, adding that China will work to gradually resolve USA legitimate concerns in the process of further opening-up.

However, within the truce is contained an ultimatum with the White House making it clear that the tariffs would still go up if China doesn't meet United States demands in 90 days.

Meanwhile Wang Xiaolong, director general of the Foreign Ministry's department of global economic affairs, said negotiations between Chinese and U.S. officials were making some progress. Xi and Trump agreed to "have further exchange of visits at an appropriate time", Wang said.

The White House in turn did not immediately elaborate on any details of the meeting, besides economic adviser Larry Kudlow telling reporters that the dinner went "very well". Most of those products are subject to a new 10% tariff, and Trump had threatened to raise that to 25% on January 1 if China doesn't open its markets further and stop stealing American technology. Also on Wednesday, U.S. Trade Rep. Robert Lighthizer criticized China for imposing 40 percent tariffs on U.S. auto imports, compared to the 15 percent it imposes on auto imports from other country, calling tariffs "egregious". China will be opening up. If those negotiations aren't successful, then it's tariff time.

The pledge to enhance cooperation with the U.S.to fight illegal drugs including fentanyl and related substances emerged from a highly anticipated dinner between Trump and Xi on Saturday in Buenos Aires that yielded a truce in the trade war between the two countries.

Trump left immediately to board Air Force One for Washington, having spent two days attending the summit of G20 countries. Prior to dinner, Trump said he will urge Xi to address the "tremendous fentanyl problem" and "criminalize it in China" so that it does not get to the American market.

It is also likely good news for the stock markets in the USA and China after both countries - but especially China - have taken a beating in the past few months because of this fight.

Ahead of what was seen as the most important meeting of USA and Chinese leaders in years, both sides said differences remained, and the outcome of the talks were uncertain.

The encounter came shortly after the Group of 20 industrialized nations backed an overhaul of the World Trade Organization (WTO), which regulates worldwide trade disputes, marking a victory for Trump, a sharp critic of the organization. "It is my great honor to be working with President Xi".

China has targeted $110 billion worth of USA imports for tariffs. "China agreed to increase imports from the US", Zhang said.

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Trump described the meeting with Xi as "amazing and productive".

That President Xi agreed to designate fentanyl a controlled substance, meaning that Chinese selling the powerful synthetic drug to the United States will be subject to maximum penalties, is also important to President Trump, who has made fighting America's raging opioid epidemic a priority.

China "is open to approving the previously unapproved" deal for United States company Qualcomm Inc (QCOM.O) to acquire Netherlands-based NXP Semiconductors (NXPI.O) "should it again be presented".

"We're encouraged to see Presidents Trump and Xi working together to reduce trade barriers between the USA and China", the Consumer Technology Association, a USA trade group that opposes tariffs, told The Wall Street Journal.

At the summit earlier on Saturday, the G20 leaders agreed a joint declaration.

Officials expressed relief that agreement on the communique was reached after negotiators worked through the night to overcome differences over language on climate change.

The declaration struck a neutral formula on trade, reading: "We welcome the strong global economic growth while recognizing it has been increasingly less synchronized between countries and some of the key risks, including financial vulnerabilities and geopolitical concerns, have partially materialized".

"I think that is going to be a very primary reason why we'll probably be ending up getting something that will be good for China and good for the United States".

The trade conflict between the world's two largest economies has seen a 6% slump in the onshore yuan against the greenback this year, raising speculation that China has deliberately weakened its currency and drawing Trump's ire. They had been scheduled to increase to 25 per cent from 1 January of the new year, but will now remain at the current 10 per cent rate.

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