Trump, German auto executives meet at White House

After a meeting between President Donald Trump and China's President Xi Jinping, a truce in the trade dispute between the US and China has been struck, and additional tariffs raising the level to 25% will not be implemented on January 1, as announced earlier this year.

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

Murphy fired off his own tweet, asking: "So the "win" is that the Chinese start buying the stuff they stopped buying, after our consumers got gouged for a year, and there's still no new agreement w China?"

Earlier Wednesday morning Trump quoted a Bloomberg report that China has begun preparing to restart imports of USA energy and agricultural products.

As White House officials fanned out to talk up what U.S. President Donald Trump called "an incredible deal" with China to hit pause in their trade war, Beijing has said little on a pact that cheered markets but left many questions unanswered. -China agreement in Buenos Aires as an historic breakthrough that would ease trade tensions and potentially reduce tariffs.

China vowed Wednesday to move swiftly to strike a trade consensus with the United States, even as mixed signals on the detente from self-described "Tariff Man" Donald Trump's administration upset global markets. Cheap imports from China of the drug, which is significantly more potent than heroin, is considered a contributing factor in the ongoing drug epidemic in the United States.

China, in turn, agreed to purchase a "substantial amount" of United States agricultural, energy and industrial products, among others, to reduce the trade imbalance between the two countries, according to the White House.

Trump tweeted late Sunday that China had agreed to "reduce and remove" its 40 per cent tariff on cars imported from the US Treasury Secretary Steven Mnuchin said Monday that there was a "specific agreement" on the auto tariffs. "Ultimately, I believe, we will be making a deal - either now or into the future", Trump tweeted on December 4.

The catch: the ceasefire is just for 90 days, after which the USA could revert to its tariff-raising plan if it sees no progress on structural reform.

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing USA trade deficits with those nations.

While he said he would "happily sign" a fair deal that addresses USA concerns, he warned: "remember, I am a Tariff Man". Should China remove the tariffs now, USA soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America. This is significant because China has never paid much attention to controlling the export of anything other than weapons and has even denied its obvious role in the USA opioid crisis.

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week. "But if not remember, I am a Tariff Man".

"We are now taking in $billions in Tariffs". The company said it wants to ramp up production in North America and is considering - although hasn't yet decided - whether to set up a second plant in the make power trains.

Stock markets rose Monday after USA officials touted the agreement as a historic breakthrough.

Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for USA import taxes.

The president, China's most powerful leader since at least the 1980s, flew from Argentina to Panama for an official visit and on Wednesday was in Portugal.