Trump holds out possible extension on 90-day China trade truce - global

Trump claims 'BIG leap forward' in China trade talks, but details unclear

Trump said his team of trade advisers led by China trade hawk U.S. Trade Representative Robert Lighthizer will determine whether a "REAL deal" with China was possible.

After 90 days, if there's no progress on structural reform, the US will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.

The ministry's statement came after the USA president, Donald Trump, called himself "a Tariff Man" on Twitter and warned more levies could be imposed on China.

The stock market will be closed on Wednesday, during President H.W. Bush's funeral.

President Donald Trump at a bilateral dinner meeting with President Xi Jinping of China during the Group of 20 summit at the Hyatt Palace Hotel in Buenos Aires, Argentina, Dec. 1, 2018.

White House economic advisor Larry Kudlow said the figure was a broad benchmark that would depend on private transactions for US goods and was subject to market conditions. But nothing beyond their official statements exists and deep divisions remain, particularly related to China's industrial policies and its treatment of US companies.

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Yet Kudlow said later that there was no "specific agreement" regarding auto trade, though he added, "We expect those tariffs to go to zero".

US President Donald Trump on Monday said that America's relationship with China has taken a "BIG leap forward" and he was willing to have a trilateral discussion involving Russian Federation to reduce the arms race, a day after his meeting with Chinese President Xi Jinping on the sidelines of the G20 Summit in Argentina.

Imports of American soybeans fell by 95% in October YoY and LNG imports were virtually non-existent after the tariffs were imposed.

While Beijing retaliated for US tariff hikes by imposing penalty charges on American soybeans, autos and other goods, it cut duties on factory machinery and other imports from other countries. "And it'll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers - every type of product".

US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed on Saturday to a temporary truce in the trade clash between the two countries.

Washington also expects China to promptly address structural issues including intellectual property theft and forced technology transfers, USA officials have said.

China moves on trade commitments
He said the Chinese delegation to the G20 summit went to Panama after Buenos Aires and haven't returned to China. Chinese officials have been instructed to take necessary steps for the purchases, two officials told the outlet.

Negotiators will actually have less than 90 days to reach a deal because of holidays in both countries over the next three months, Chinese ambassador to the United States, Cui Tiankai, told reporters on Monday.

'One of the very exciting things to come out of my meeting with President Xi of China is his promise to me to criminalize the sale of deadly Fentanyl coming into the United States.

Those omissions suggest Beijing doesn't recognize how important those demands are to Trump, said Nick Marro of the Economist Intelligence Unit.

"I am a Tariff Man".

Wall Street's major indexes rallied on Monday following a truce between the United States and China in their trade dispute, which has clouded the outlook for the stock market for much of the year.

In exchange, China offered more than one-point-two trillion dollars in additional commitments on trade. Trump is relying on tariffs, and the threat of imposing them, to force other countries to buy more goods from America.

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