Global Geopolitical Series: Trump-Xi consensus reached on trade but statements differ

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

Trump said that Xi had also agreed to rank fentanyl trafficking among the most serious crimes in China.

It will be relatively simple for China's buyers of crude oil, LNG, coal and soybeans to re-enter the market and fix cargoes from the United States.

Trump alluded - possibly inadvertently - to the "Great Leap Forward", Mao Zedong's disastrous campaign to rapidly industrialise China's agrarian economy, which historians believe led to the deaths of tens of millions of people in the Great Chinese Famine.

In China, vehicle dealers such as Grand Automotive, Pangda Automobile Trade and Sinomach Automobile climbed on the news, with some local carmakers falling back. However, if the negotiations fail to bear fruit in the next 90 days, tariffs would be raised to 25 percent. China has retaliated with tariffs on $110 billion worth of US imports.

Beijing cut import duties on foreign autos to 15 percent in July but added a 25 percent penalty for USA -made vehicles the following month in response to Trump's tariff hikes.

The timetable for China's lowering of tariffs below 40 percent remains unclear.

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Trump and Putin instead had a very brief meeting when they bumped into each other on the sidelines of the summit in Buenos Aires, but did not hold proper talks.

The editor of the Chinese official Global Times, meanwhile, said that his sources also confirmed that the talks "went well and consensus was reached".

Analysts cautioned on Monday that the trade deal may have only bought some time for more wrangling over deeply divisive trade and policy differences, and said China's economy would continue to cool regardless under the weight of weakening domestic demand. USA officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, and most US supply of the drug is manufactured in China.

While Mr Xi agreed to buy an unspecified but "very substantial" amount of agricultural, energy, industrial and other products, the White House said. There are similar ambiguities over what the two leaders specifically did (or did not) agree to with respect to a huge deal between Qualcomm and NXP that China appeared to have killed earlier this year, and on exactly how and when China intends to regulate the production and exportation of fentanyl, a major us objective in the talks.

In the first nine months of the year, China imported 3.2 million tons of US coal, the majority of this being higher-value metallurgical coal used in steelmaking.

Farmers sold $19.6 billion in products to China previous year, according to the Farm Credit Administration Office of Regulatory Policy.

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On Air Force One returning from Buenos Aires, the president also told reporters he would move to cancel NAFTA, the trade agreement with Mexico and Canada.

However, Qualcomm said in a statement that it considers the matter closed. He said lawmakers can choose between the replacement, the United States-Mexico-Canada Agreement, or nothing.

Presidents Donald Trump and Xi Jinping have agreed to a ceasefire in their increasingly painful trade war, yet their governments' differing depictions of the deal show just how far apart they really are.

But the White House also said the existing 10pc tariffs on $200bn worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days, once again setting the clock ticking.

The mercurial USA leader was effusive on the meeting with Xi, telling reporters on Air Force One that China has agreed to immediately buy "tremendous amounts of agricultural and other product" and this will have an "incredibly positive impact on farming". They intend to start purchasing agricultural product immediately.

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