‘BIG leap forward,’ says Donald Trump on US-China relations

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But others said while the potential for a three-month time out is welcome news for investors, the short-term truce means broader differences between the two countries haven't been resolved.

Kim Ji-yeon zooms in on the issue.

Perhaps the most obvious impact of the trade dispute so far has been China's decision to nearly totally cut out imports of US soybeans and energy commodities such as crude oil, coal and liquefied natural gas (LNG).

China has agreed to "reduce and remove" tariffs below the 40% level that Beijing is now charging on U.S. cars, Donald Trump has claimed, amid a trade war truce agreed by the two countries.

The U.S. president is prone to take kindly to others when he meets them face to face.

Trump agreed to hold off on plans to raise tariffs January 1 on $200 billion in Chinese goods.

The meeting, which took place on the sidelines of the G20 summit in Buenos Aires, resulted in a range of "Chinese commitments", including a 90-day trade truce that would resolve top trade issues ranging from forced technology transfers, intellectual property protection, non-tariff barriers, cyber theft and agriculture practices.

However, concerns are still hovering over the notion on how the two biggest economies will iron out their differences. including ways to narrow their trade imbalance, as they are already presenting different renderings of their agreement.

US Trade Representative Robert Lighthizer complained last week China's 40 per cent tariffs on imports of US-made autos are higher than Washington's 27.5 per cent rate for Chinese vehicles and said he was looking at ways to equalise US duties.

Kim Ji-yeon, Arirang News.

"Only with cooperation between us can we serve the interest of both peace and prosperity", Xi said.

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 Qualcomm issue was not addressed by the Chinese government's top diplomat at a news conference in Buenos Aires on Saturday night.

"While we hope that talks with China will achieve meaningful results for USA workers, we urge you to not back down for the sake of a weak and meaningless agreement should China fail to make real concessions", the Democrats wrote. On Sunday, Trump tweeted that China had agreed to cut import levies on American-made cars.

The meeting between Xi and Trump on December 1 turned out better than expected. "And we know that", Kudlow said.

USA exports of cars and light trucks to China were worth $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. China retaliated with tariffs on $110 billion of United States imports. But it added a 25 percent tariff on United States cars as trade tensions soared, bringing them to 40 percent.

In exchange, Trump apparently extracted a vague promise from China to "purchase a not yet agreed upon, but very substantial" amount of American goods.

The state-run China Daily struck a cautious tone.

An escalating trade war between the world's two largest economies has weighed on markets generally.

The White House said China was "open to approving the previously unapproved" deal for US company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented".

There was also caution from the US business community.

The agreement with China "is not going to be a panacea", Haffajee says. The move is a significant turnaround in relations between the US and one of its biggest customers for farm products. China imported 280,208 vehicles, or 10 percent of total imported cars, from the USA last year, according to China's Passenger Car Association.