Trump hails US-China relations amid trade detente

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

Carl Weinberg of High Frequency Economics noted that the diverging messages from Xi and Trump after the meeting were creating doubt about what was agreed.

"The result is better than the market expected, but the huge divide remaining continues to suggest a bumpy ride ahead", said Citigroup China economist Li-Gang Liu, pointing to differences in the Chinese and USA accounts of the deal.

Tariffs on $200 billion of Chinese products had been set to jump from 10 percent to 25 percent after January 1, 2019.

In two tweets earlier Monday, Trump praised his relationship with Xi and said the agreement he brokered with the Chinese leader will help people in America's breadbasket hurt by China's targeting soybeans with a 25 percent tariff. "And we know that", Kudlow said. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

On Monday, the Chinese yuan rose 1% to about 6.8853 per US dollar while the Australian dollar firmed 1% to $0.738 against the USA dollar, its highest point since August.

"This is the first time that we have a commitment from them that this will be a real agreement", Mnuchin told CNBC television, adding that the administration would know "very quickly" whether a deal can be documented.

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Auto sales in the world's second-biggest economy declined for a fifth consecutive month in October, bringing the market closer to its first annual drop in at least two decades.

He has repeatedly called out China when the country hasn't been meeting its obligations, including on tariffs and more recently on intellectual property protections.

"We'll be discussing trade".

Still, analysts cautioned it may have only bought some time for more wrangling over deeply divisive trade and policy differences, and said China's economy will continue to cool regardless, under the weight of weakening domestic demand.

Trump claimed Russian Federation violated the agreement and said China doesn't have to abide by it.

Chinese President Xi Jinping promised in exchange to buy more American exports. Negotiations will be tough given the wide gap between the two sides on a number of issues.

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China dropped its general auto tariff to 15 percent this year while raising its tariff on USA made vehicles to 40 percent in retaliation for the Trump administration's tariffs. We think China is likely to agree to speed up market opening in a number of industries including services, telecommunication equipment, automobiles, agriculture and biotech. China will immediately state buying US agricultural products.

China has already said that it would enhance IP court system and introduce punitive damage on IP violations. The downside for China is that it also needs US sourced LNG as its insatiable gas demand expands amid Beijing's mandate that gas make up at least 10 percent of its power generation energy mix by 2020, with further earmarks set for 2030.

It's more than a little bit ironic that the G20 treated Trump so well.

There was also caution from the USA business community. It didn't mention the 90-day deadline, nor any agreement to step up agricultural or other commodity imports.

President Donald Trump is hitting pause in the escalating trade war with China after a meeting with President Xi Jinping.

Mr Trump had also said that if talks were unsuccessful, he would carry out a threat to hit the remaining $267b of annual Chinese exports to the USA with tariffs of 10-25 percent.

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The very omission of the timeline in the Chinese statements and the short time frame of 90 days remains the two major sources of concern.

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