It was announced on Saturday after President Trump and Chinese leader Xi Jinping met over dinner that the two countries agreed upon the 90-day truce in order to work out trade differences. The euro rose to $1.1385 from $1.1353.
Both sides will "immediately begin negotiations on structural changes" that Washington has been demanding for more than a decade.
Xi told Trump that only through cooperation could the United States and China serve the interest of peace and prosperity. The tariffs already implemented by the two sides are substantial, but the additional tariffs threatened by the U.S. would mark an even more dramatic escalation were they to come into force.
A chief market strategist for Asia Pacific at JPMorgan Asset Management, Tai Hui, said, "The good news is that this truce should be seen as Washington recognizing the potential damage on the United States economy if tariffs escalate further".
Left alone on the world stage, President Macri after US President Donald Trump walked off stage. Meanwhile, the Xinhua news agency also reported, citing the Chinese Foreign Ministry, that the two countries had agreed to expedite talks toward eliminating all additional tariffs.
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China will "reduce and remove" tariffs on cars coming into China from the United States following a "highly successful meeting" between the two nations leaders at the G20 summit.
After the two-and-a-half hour discussion, Trump agreed to maintain the 10% tariffs on $200 billion worth of Chinese goods, and not raise them to 25% "at this time" ahead of a January 1 deadline, according to a White House statement from press secretary Sarah Sanders.
Both presidents called the weekend meeting on the side-lines of the G-20 economic summit in Argentina, "highly successful". "I'm taking President Xi at his word, at his commitment to President Trump". We'll know more when the White House sends out an official statement. Furthermore, China agreed to start buying more agricultural products immediately - which presumably means scaling back some of its retaliatory tariffs, some of which had targeted Trump voters and more rural industries specifically. The truce in the trade war will offer a space for intense negotiations between the two giants to deal with the bilateral trade issues.
The statement said that the countries agreed to implement this transaction within the next 90 days.
Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.
"President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him", the readout said.