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Trump's comments come after leaders of the world's two biggest economies agreed Saturday in Argentina to not impose any new tariffs on each other's exports for the next 90 days while they negotiate a detailed trade agreement. At a briefing in Beijing, a spokesman for the foreign ministry declined to comment on any changes to vehicle tariffs.

Wang added that the two also agreed to open markets to each other, and that China will work to gradually resolve United States concerns in the process of further opening-up.

China offered more than $1.2 trillion in additional commitments on trade at the Xi-Trump dinner, Treasury Secretary Steve Mnuchin said on Monday.

The Republican president indicated he would not be opposed to extending the 90-day truce he and Chinese President Xi Jinping agreed to over the weekend. If talks fail, the tariff rate on $200 billion of the original $253 billion worth of goods will be hiked from 10 percent to 25 percent.

But Kudlow said the ultimate amount will depend on market prices and the health of China's economy.

Donald Trump and Xi Jinping met dinner in at G20 in Argentina.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in US tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1.

"I think that if you put the two press releases together, you can see what basically happened", Cui Tiankai told Reuters in Washington on Monday after returning from Buenos Aires, where he had joined Xi's delegation. "However, I will say this: President Xi has never been this involved". "But they have to deliver on this".

Xi ceasefire isn’t enough to resolve their deep divisions
The U.S. delegation included Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin , Chief of Staff John Kelly, U.S. Trump told Xi at the start of their meeting he hoped they would achieve "something great" on trade for both countries.

The U.S. embassy in Beijing posted a Chinese version of the White House's readout of the meeting on the popular WeChat platform on social media, but reposting it was not possible. "All this macro-economic uncertainty is clouding the 2019 earnings outlook, leading to increasingly violent equity swings as investors try to handicap what 2019 will look like", Alec Young, managing director of Global Markets Research, FTSE Russell, told ABC News.

In a series of tweets, Trump celebrated the opening of negotiations between China and the US.

"We want to expand our business in the U.S.", Mr. Zetsche said after the meeting.

Officials in Beijing did not respond to requests for an explanation and neither did the Chinese embassy in Washington.

The appointment of Lighthizer, the hardline United States trade representative, to lead the talks instead of Treasury Secretary Mnuchin puts one of the administration's toughest China critics in charge. The state's farmers sell about $1.4 billion to China annually, according to the nonprofit North Dakota Trade Office.

China imposed a retaliatory 25 percent tariff on imports of cars from the USA over the summer in response to Trump's own tariffs. USA automakers have been forced to pay a 40-percent tariff to import cars from U.S. factories, or create a 50:50 joint venture with a Chinese firm to build cars in China.

European, Japanese and South Korean automakers would ultimately benefit from a flat, tariff-free rate on autos, Hufbauer said.

The dollar has gone through a number of dips recently as an increasing number of countries, namely Russia, China and Turkey, have voiced calls to shift more decisively to national currencies in global trade, and even clinched deals to this end, in retaliation to the US' across-the-board tariff plan.


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