China says it will carry out tariff cease-fire with US

Vincent Yu | AP

"It is very natural for China and U.S.to have disputes in fields of economy and trade", Su said, adding "resolving all issues at one meeting may not be possible, it requires mutual efforts from both parties in the long run". And then on Wednesday morning, Trump tweeted that he believed Xi "meant every word of what he said at our long and hopefully historic meeting".

US President Donald Trump threatened on Friday (22 June) to impose a 20% import tariff on all cars manufactured in the European Union if recent sanctions the bloc slapped on Washington are not "broken down and removed", continuing the tit for tat trade war with America's nominal allies.

President Donald Trump agreed Saturday to postpone US tariff hikes in a fight over Beijing's technology policy by 90 days while the two sides negotiate.

China vowed Wednesday to move swiftly to strike a trade consensus with the United States, even as mixed signals on the detente from self-described "Tariff Man" Donald Trump's administration upset global markets.

But Asia failed to follow the lead to the same extent after China gave its first official comments on the temporary trade truce which allowed for tariff hikes to be postponed for 90 days- until 1 April.

The two countries have hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains. China didn't announce a commitment to cut tariffs on American cars, a policy Trump disclosed on Twitter.

Diess said he thought the companies had "made a big step forward to avoid the tariffs".

At the sidelines of last weekend's G20 summit, Mr Trump and Mr Jinping agreed not to increase tariffs for 90 days to allow negotiations to take place.

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Trump said China is planning to resume buying USA soybeans and natural gas, which he said confirms his claims China had agreed to start "immediately" buying US products.

He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the United States to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.

But China later broke its silence on the truce with a spokesman saying that the negotiations have a timeline and China plans to quickly work on the "agreed upon consensus".

Donald Trump threatened to slap a range of import penalties on Chinese products if they didn't make major changes in their economic relationship with the US.

Murphy fired off his own tweet, asking: "So the "win" is that the Chinese start buying the stuff they stopped buying, after our consumers got gouged for a year, and there's still no new agreement w China?" Beijing, for example, didn't mention the 90-day deadline for talks on a deal over technology issues.

He added: "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".

China's ambassador to the United States brushed off questions about the different accounts of the Trump-Xi meeting.

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