Xi, Trump reach consensus, agree not to impose new additional tariffs

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

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

For another, he agrees that legal enforcement in China can be "quite lax", meaning it's not guaranteed that the latest China-U.S. agreement will actually do much. Meanwhile, the Xinhua news agency also reported, citing the Chinese Foreign Ministry, that the two countries had agreed to expedite talks toward eliminating all additional tariffs. Asian markets were sharply higher. On Wall Street, the Dow Jones Industrial Average rose 0.94 percent at the open and the S&P 500 by 1.10 percent.

Oil prices also climbed sharply, with Brent crude, the global price benchmark, increasing 4.8% to $62.33 a barrel after Russian Federation and Saudi Arabia agreed to extend efforts by the Organization of the Petroleum Exporting Countries to curb production.

The tweet carried the same promising tone he used onboard Air Force One when he told reporters on his way back home that it's an "incredible deal that would have a positive impact on farming,". referring to the trade truce he reached with his Chinese counterpart President Xi Jinping on the sidelines of the G20 summit in Argentina.

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.

"For now, postponement is good news". China said last week that the tariff on the US would be 15 percent if not for the USA tariffs.

China nixed the proposed takeover earlier this year, citing antitrust concerns, after US and European regulators approved the deal.

The meeting between Xi and Trump on December 1 turned out better than expected.

The U.S. said both sides will enter into immediate negotiations on a wide range of structural issues including technology transfer, intellectual property protection, cyber intrusion, services and agriculture.

The trade war has taken a toll on vehicle companies that manufacture in the US, with the makers of Mercedes-Benz and its rival BMW both warning of lower profits this year as tariffs forced them to hike prices in China.

Wang Tao is the head of Asia economics and chief China economist of UBS Investment Bank.

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The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was down 0.5%.

Tensions rose in May when the United States administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months. Yields move inversely to prices.

Earlier on in the summit, emerging economies denounced protectionism.

Asian markets rose after the presidents of China and the U.S. reached a temporary truce in their trade war. The company started making the X3 SUV in China this year, in addition to the several other models like the 1-, 3- and 5-Series sedans.

The meeting, brought forward by an hour from its original time, may have been tacked on to the end of two days of G20 diplomacy, but it was in many ways the main event of the weekend.

Terming his meeting with Chinese President Xi Jinping extraordinary, Trump said the USA was dealing with China from a position of great strength, adding that China had much to gain if and when a deal is completed.

That's precisely why China's statement highlighted Trump's apparent commitment to continue respecting the so-called one China policy - something not mentioned by the Americans.

Trump's tweet did not explain which tariffs would be reduced or removed, or when China would act.

Though analysts still see the Fed raising rates this month and boosting them further next year, a slower pace of increases would offer a potential respite for risk assets, pressured by tightening monetary policy. "Now the tariff is 40 per cent", Trump said on Twitter.

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