Trump hails US-China relations amid trade detente

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President Trump teased automakers in the USA and worldwide late Sunday with a characteristically minimalist announcement of China's apparent intention to ease its 40 percent import tariffs on US -made cars.

At their dinner meeting in Buenos Aires Saturday, the two leaders agreed to suspend any new tariffs and give negotiators 90 days to strike a deal, sending stock markets soaring. "Farmers, I LOVE YOU!" he said.

The uncertainty underscored the risk entailed by Trump's eagerness to strike deals without nailing down details in advance.

While the Trump administration emphasized trade issues such as a 90-day moratorium on raising tariffs and Xi's concession to buy "very substantial" amounts of USA goods, China focused on diplomacy, regional issues and an agreement to try to quickly resolve their differences. But for USA cars, China added a 25 per cent tariff over the summer, making the rate 40 per cent.

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"The two sides agreed to mutually open their markets, and as China advances a new round of reforms, the United States" legitimate concerns can be progressively resolved'. The U.S. spent 716 Billion Dollars this year. The White House also says China has agreed to buy more American goods, although it did not specify how much. According to the Office of the US Trade Representative, it's the highest auto tariff China applies to any partner - most are around 15 percent.

The United States agreed not to raise tariffs further on January 1, while China agreed to buy more agricultural products from US farmers immediately.

"Whether we will see further de-escalation or whether it is temporary reprieve continues to be very much up to a political decision in Washington DC - that will continue to make this uncertain", Louis Kuijs, the head of Asia economics at Oxford Economics, said.

"Cooperation is the best option for the two countries" in promoting world peace and prosperity, Xi reportedly told the United States president at a working dinner, according to Xinhua.

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Trump and Xi were set to talk over dinner Saturday at the summit of world leaders in Argentina.

Last year, the country imported vehicles worth $51 billion with more than a third coming from North America, China's Passenger Car Association revealed.

In exchange, the US wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and forced technology transfer.

Both of these issues have implications for the trade war.

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"We'll be discussing trade and I think at some point we are going to end up doing something great for China and great for the United States", Trump said. According to a statement from the White House, both nations will attempt to come to a conclusion within the next 90 days, however, if no agreement is reached, then the 10 percent tariffs will be raised to 25 percent.

Ultimately, a meaningful, lasting deal is unlikely in the 90-day window. "China relations that both sides claim victory", said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush. How willing will China be to allow global access to its huge market, and how threatened do their home companies feel by American trade tariffs?

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