China trade commitments will begin 'immediately': Larry Kudlow

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The Communist Party's official mouthpiece, the People's Daily, described the announcement as an "important consensus" that shows the two countries" common interests "outweigh differences'.

Kim Ji-yeon zooms in on the issue.

China now imposes a 40 percent tariff on US automobiles.

In two tweets earlier Monday, Trump praised his relationship with Xi and said the agreement he brokered with the Chinese leader will help people in America's breadbasket hurt by China's targeting soybeans with a 25 percent tariff.

Treasury Secretary Steve Mnuchin said on Monday there was a clear shift in tone at Buenos Aires from past discussions with Chinese officials, as Xi offered a clear commitment to open China's markets to USA companies.

Following the Trump-Xi talks, which took place over dinner at the end of the G20 summit, Washington agreed to hold off on Trump's threat to slap 25 per cent tariffs on Dollars 200 billion worth of Chinese goods from January 1, leaving them at the current 10 per cent rate.

However, concerns are still hovering over the notion on how the two biggest economies will iron out their differences. including ways to narrow their trade imbalance, as they are already presenting different renderings of their agreement.

At the G20 summit, Donald Trump and Xi Jinping agreed to halt new trade tariffs for 90 days to allow for talks.

On Monday, the Chinese yuan rose 1% to about 6.8853 per US dollar while the Australian dollar firmed 1% to $0.738 against the USA dollar, its highest point since August.

Kim Ji-yeon, Arirang News.

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Perhaps the most interesting thing to try and calculate after the seeming trade ceasefire between the United States and China is the level of cynicism that will greet the new detente.

Trump gave no other details in his late-night tweet, which came shortly after he agreed with Xi to a truce in the trade war during a meeting at the Group of 20 summit in Argentina.

There was no immediate word from China's government.

Stock markets around the world rallied after a cease-fire in the trade spat between the US and China boosted investor sentiment.

Also, Beijing has neither echoed nor rebutted Trump's claim about China agreeing to "reduce and remove" tariffs on American vehicles. It didn't mention the 90-day deadline, nor any agreement to step up agricultural or other commodity imports.

Buyers and analysts quickly pointed out on Monday that China's tariffs on US farm produce are still in place, mostly 25 per cent duties on soybeans, corn, sorghum and wheat. If they fail to reach a deal, the 10% tariffs will rise to 25%. "China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently", it said in its editorial.

"I am expecting the United States to increase tariffs on China after 90 days despite the efforts and goodwill from China".

"There should be no wishful thinking that the truce would end the trade war between the world's two largest economies", DBS strategist Philip Wee wrote in a research note.

According to the White House, China is open to reconsidering Qualcomm's bid to buy Dutch chip rival NXP, which it previously blocked. China's decision came amid a period of heightening tensions between the USA and China over trade and intellectual property issues. We think this does increase the chance of a further de-escalation of the U.S.

However, China has in the past boosted its purchases of USA soybeans in the fourth and first quarters of each year - this is when the US crop is ready and Brazil's has yet to be harvested.