Trump calls trade truce with China a big step forward

G20: BRICS slam protectionism as China-US trade war dominate summit

With the United States and China clashing over commerce, financial markets will take their lead from the results of the talks, widely seen as the most important meeting of U.S. and Chinese leaders in years.

USA indexes rose about 1% on Monday, following gains in Europe and Asia.

Trump's surprise announcement comes a day after he and Chinese President Xi Jinping agreed to suspend any new tariffs and give negotiators 90 days to strike a deal. It is hoped the agreement reached on Saturday will be implemented by the two sides and Chinese and American working teams will meet the expectations of their leaders [by] normalizing trade relations between the countries.

Despite the questions, US President Donald Trump was in an ebullient mood, promising benefits to US farmers and auto companies.

"President Xi and I have a very strong and personal relationship".

The deal means the U.S.is unlikely to match China's 40-percent duties on light vehicles built in the USA, a move the American government has considered in recent weeks. China has retaliated with duties on some $110bn of U.S. goods over the same period.

G20 nations were still struggling to agree on the wording for the summit's communique on major issues including trade, migration and climate change, which in past years have been worked out well in advance.

Duties of 10 per cent now on most of those goods are set to rise on January 1 to a whopping 25 per cent if a deal isn't reached.

Trump has already imposed tariffs on more than $250 billion in Chinese goods - about half of the total imported each year - in an attempt to pressure the country to reverse alleged unfair trade practices, such as the forced transfer of intellectual property and massive state intervention in markets.

What's missing in China's official statement?

Trump, Xi agree to temporary truce on trade
Trump left immediately to board Air Force One for Washington, having spent two days attending the summit of G20 countries. China retaliated with import taxes on soybeans- a major American agricultural export- and cars and liquified natural gas.

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Former FBI Director James Comey agrees to private disposition with House Republicans
Comey said in a tweet Sunday that it was "hard to protect my rights without being in contempt" and that he will "sit in the dark". Comey sought a public hearing , claiming in a court filing Thursday that he feared "selective leaks" from Republicans.

The leaders attended the G-20 summit in Buenos Aires, Argentina. The White House also says China has agreed to buy more American goods, although it did not specify how much. He struck a positive note as he sat across from Xi, despite the U.S. president's earlier threats to impose new tariffs on Chinese imports as early as the next year.

ANALYST'S TAKE: "Markets are reflecting a fragile truce between the US and China after an initial sigh of relief". The president said in a tweet that China had "agreed to reduce and remove" the tariffs.

If the two sides can not reach agreement over these matters within the next 90 days, the USA will raise tariffs.

"China will be opening up".

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

What pushed the two sides to the table?

"China has agreed to start purchasing agricultural product from our farmers immediately".

"Oil price volatility will continue as long as the markets flip-flop from "risk on" to "risk off" and while there is uncertainty about how fast the global economic cycle is slowing, but for now a bounce from recent weakness can persist", noted Kit Juckes at Societe Generale. These tariffs also will not be implemented before March 1, 2019. Trump also offered some positive thoughts before the "very important meeting", noting that the talks would focus on trade.

Will this resolve the dispute?

.

However "we remain skeptical of a substantial trade deal between the two economic giants".

To which Xi responded, "Only with cooperation between us can we serve the interest of world peace and prosperity".

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