China trade war begins to thaw as new tariffs halted

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

The two nations have been locked in the trade war since March when Trump imposed tariffs on metal imports from several countries, including U.S. longtime allies.

"We will probably end up getting something that will be good for China and the United States", Trump said, while Xi said they shared tremendous responsibility to find a solution.

The Qualcomm issue was not addressed by the Chinese government's top diplomat at a news conference in Buenos Aires on Saturday night. The 10-year U.S. Treasury yield rose to 3.041%, compared with 3.013% Tuesday. Shares are advancing in Asia following the meeting between Presidents Donald Trump and Xi Jinping.

Without progress, Trump will face renewed pressure from hardliners to resume escalating the tariff fight. In this case, the threat of future tariffs and potential increased restriction of exports and technology to China should continue to weigh on investment and sentiment in both countries.

Beijing had reduced auto import duties from 25 percent to 15 percent in July.

Duties of 10 percent now on most of those goods are shortly set to rise to a whopping 25 percent if a deal isn't reached. The president said in a tweet that China had "agreed to reduce and remove" the tariffs.

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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. "At the same time, the Kingdom looks forward to working with Japan, G20 Presidency in 2019, to further advance the G20 goals of addressing global economic challenges and promoting sustainable, inclusive and balanced world growth". A Heritage Foundation analysis of data put soybeans as the most important crop, being 63% of agricultural exports to China.

The two sides also agreed to negotiate during the next 90 days over "structural changes" to China's policies on technology transfers, intellectual property protection, non-tariff barriers, cyberintrusions and cybertheft, services and agriculture.

China reaffirmed that the agreement held "great significance". Meanwhile, Xi has cultivated an outward-looking posture that aims for cooperation and compromise, embracing the virtues of economic cooperation, free trade and global leadership.

Hong Kong's Hang Seng index is up 2.8 percent, while futures are pointing to a higher open in North America.

After being spooked by the conflict, investors returned to buying following the long-awaited meeting between the two presidents.

But observers warned there were still major issues that need to be resolved, including access for USA companies and intellectual property protection. And perhaps most importantly, he says any meaningful public health work will have to focus on the demand for drugs such as fentanyl, not just the supply.

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The United States had a $335.4 billion trade deficit with China in 2017.

The U.S. has agreed to not escalate tariffs further, including not raising the 10% tariffs on $200 billion of Chinese exports on January 1, as originally scheduled.

China dropped its general auto tariff to 15 percent this year while raising its tariff on US made vehicles to 40 percent in retaliation for the Trump administration's tariffs. China imported 280,208 vehicles, or 10 percent of total imported cars, from the US last year, according to China's Passenger Car Association.

"No magic wand has been waved to make the differences between the United States and China vanish overnight", the state-run China Daily warned.

Trump appeared to be unaware of the significance of his words on Monday, tweeting: "Relations with China have taken a BIG leap forward!"

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Trump has long promised to return manufacturing jobs to the United States and particularly the Midwest. Trump blasted GM's announcement this week that it will shed up to 14,000 workers in North America.

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