China agrees to 'reduce and remove' tariffs on U.S. cars

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

Although the US and China agreed to halt the trade war, it wasn't immediately clear whether they had made any progress on the issues that caused it.

Adding to the buying support was President Vladimir Putin saying Saturday that Russian Federation and Saudi Arabia had agreed to renew a pact on production cuts.

He called on both China and the United States to handle the development of bilateral relations from an overall perspective and push for long-term, healthy and stable development of bilateral ties.

"They'll agree to a smaller deal faster if what Trump wants is a faster deal", he said, in reference to Japanese negotiators.

As part of the deal, China agreed to lower the country's trade surplus with the U.S.by purchasing a "not yet agreed upon, but very substantial amount of agricultural, energy, industrial" and other products from the U.S. If no trade agreement can be reached between the U.S. and China within the 90 days, the tariffs will be imposed on the $200 billion of Chinese imports and could go into effect on the remaining $267 billion of Chinese imports that include the iPhone and other Apple devices.

U.S. company Tesla saw its sales drop with the higher prices this fall and recently said it would absorb some of the higher tariff costs and no longer pass them on to consumers. Neither country had mentioned auto tariffs in their official read-outs of the Trump-Xi meeting. About 10 per cent, or more than 280,200, cars China imported past year came from the USA, according to China's Passenger Car Association.

During the working dinner the Chinese leader said co-operation was the best choice for their nations, state news agency Xinhua reports.

They agreed not to impose new additional tariffs, and 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.

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During the meal, Xi also expressed sympathies for the passing of the former president, saying Bush, who also was once the US envoy to China, had "made many contributions to U.S". "The two sides appear to have had a major change of heart to move away from confrontation toward engagement".

As reported by Business Insider, this weekend Trump and Chinese President Xi Jinping announced a 90 day truce on the imposition of new tariffs.

"The faster negotiations conclude, the faster USA producers can provide more Japanese consumers with the high-quality beef they demand", Kester said. 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.

"The relationship is very special-the relationship that I have with President Xi", he said.

Earlier the USA president said he had postponed a planned press conference "out of respect for the Bush family", following the death of former President George HW Bush, at the age of 94.

HONG KONG: Hong Kong and Shanghai led a surge across Asian markets Monday after the United States agreed to suspend imposing tariffs on China for three months, while oil prices soared on expectations of a big production cut.

Berthold Kuhn, a China expert with the Free University of Berlin, noted that the meeting was "a first step" toward the settlement of China-U.S. trade disputes and more time is still needed for negotiation.

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