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Trump and Xi on Saturday agreed to the cease-fire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs.

During the 2018 G20 Buenos Aires summit, that took place on 30 November - 1 December in Argentina, the United States and China made a decision to continue their trade negotiations in the next 90 days.

A day earlier the USA president sounded far more categorical, calling himself a "Tariff Man" and saying that the United States is "either going to have a real deal with China, or no deal at all".

"Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina".

At last weekend's dinner meeting in Argentina, the presidents agreed to suspend a planned hike in tariffs on $200 billion in Chinese goods to the USA from 10% to 25%. "So this time around, as I said, I'm hopeful, we're covering more ground than ever.so we'll see".

For its part, Beijing "issued an upbeat but vague promise Wednesday to carry out a tariff cease-fire with Washington but gave no details", The New York Times pointed out, adding that China has yet to confirm Trump's notion that Beijing would cut auto tariffs and buy more U.S. farm products.

The impact is actually less than that being felt in some other sectors of the US economy, such as agriculture, but it is still a hit to the auto industry which shipped about 250,000 vehicles to China past year.

It did not give further details but it crucially did not contradict the U.S. president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on USA autos.

Trump, via Twitter, threatened to place "major tariffs" on Chinese goods imported into the United States if his administration is unable to reach an effective trade deal with Beijing.

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"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", said an investor note issued by JPMorgan.

The president 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".

Trump, via Twitter, held out the possibility of an extension of the ceasefire but warned tariffs would be back on the table if the talks failed to bear fruit.

But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'.

China has said comparatively little about the Trump-Xi agreement after senior Chinese officials briefed the media following the leaders' meeting, and there have been some differences between the two sides' accounts of what the deal entails. In a series of Tuesday morning tweets, the president showed optimism about reaching a "fair deal", but stressed that he is "a Tariff Man" if talks fail. Leaders of the European Unionhave signaled they would echo the response of China, saddling USA -made vehicles with new tariffs in response. "It will always be the best way to max out our economic power", he said. Seven of the top 10 auto models manufactured in the US and exported to China a year ago were made by BMW and Mercedes-Benz.

While he said he would "happily sign" a fair deal that addresses U.S. concerns, he warned: "remember, I am a Tariff Man".

Trump has agreed to delay a rise in tariffs on China while talks continue.

Global financial markets tumbled on Tuesday as doubts over what could realistically be accomplished in the tight negotiating window added to concerns about fading global growth. Chinese officials, meanwhile, did not confirm any of these details.

In return for the postponement in the higher USA tariffs, China agreed to step up its purchases of USA farm, energy and industrial goods, the White House said.


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