Trump tweets China has agreed to reduce, remove tariffs on United States cars

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Vehicle sales in the world's second-biggest economy declined for a fifth consecutive month in October, bringing the market closer to its first annual drop in at least two decades.

Buenos Aires: The United States and China on Saturday announced a ceasefire in their tariffs war, hours after US President Donald Trump upended another global forum by snubbing G20 action on trade disputes and climate change.

Trump has already imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the remaining $200 billion.

Xi's remarks also gave no indication of whether any breakthrough was imminent.

"On standard trade issues, this is where we were weeks ago", Derek Scissors, a China scholar at the American Enterprise Institute and sometimes adviser to the Trump administration, told The Washington Post. "It is my great honor to be working with President Xi", Trump said.

An editorial in the China Daily, which has had very little detail on what the two presidents agreed on, said that while the "positive and constructive consensus" had helped to clear the air and create some breathing space for more "rational thinking", "lasting improvement is still dependent on the sincerity of the U.S.to engage in equal-footed consultations with China".

The United States and China are locked in a dispute over their trade imbalance and Beijing's tech policies. "Currently the tariff is 40%".

John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, expects a resolution between the U.S. and China would be conducive to an extended rally in oil prices - albeit not too much above the levels seen prior to the decline that began in October. "This is the first time they've responded on very, very specific issues". What's more likely, analysts say, is that they reach a truce, buying time for more substantive talks.

The US also wants Beijing to rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion (£283 billion) US goods trade surplus. It was last down 0.07 percent at 96.630.

Trump might have pressed Xi for a deal and been more willing to bend to some of Xi's demands to net another trade win in an attempt to offset any political damage back home.

Trump described the meeting with Xi as "amazing and productive".

US President Trump, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto signed a new US-Mexico-Canada Agreement - or USMCA - in Buenos Aires.

German Chancellor Angela Merkel, also attending the G20, spoke for many when she urged progress.

Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue".

But the cease-fire didn't last.

In the short term, at least, strong market gains could be in the offing.

Mr Trump said he hoped they would reach a deal during their dinner in Buenos Aires to defuse trade disagreements and said he believed Beijing wanted this.

The Qualcomm issue was not addressed by the Chinese government's top diplomat at a news conference in Buenos Aires on Saturday night.

The ceasefire follows months of tensions and tit-for-tat custom duties on hundreds of billions of dollars worth of goods that raised fears of an escalation harmful to the global economy.

"A vicious practice of returning to illegal, unilateral sanctions and protectionist measures is spreading, going around the UN Charter, the rules of the WTO and internationally recognized legal norms", Putin said.

"I am. slightly optimistic", he said.

Republican Sen. Pat Toomey of Pennsylvania is skeptical: "This has been their business model for a while", Toomey told reporters this week.

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