US President Donald Trump on Monday said that America's relationship with China has taken a "BIG leap forward" and he was willing to have a trilateral discussion involving Russian Federation to reduce the arms race, a day after his meeting with Chinese President Xi Jinping on the sidelines of the G20 Summit in Argentina.
The G20 produced some major developments on the trade war front, with the USA and China agreeing to a 90-day truce while a deal is negotiated.
The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble.
Trump, however, also threatened to impose tariff on China, if failed to reach an agreement with the given deadline.
Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on US companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.
It did not give further details but it crucially did not contradict the USA president's remarks that China would buy more goods from the United States to help close their trade gap and structural changes to intellectual property protection.
"Apparently, the Chinese government doesn't want its people to consider the agreement as a failure for China", said Fang Kecheng, a Chinese media researcher at the University of Pennsylvania.
Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on US autos.
The commerce ministry of China assure the agreement signed between Chinese President Xi Jinping and US President Donald Trump at G20 summit had been "successful" and thus China was "confident" about the new implementation on their agreements.
In the latest Trump-China trade war news, the POTUS has been in talks with China President Xi Jinping to discuss the reduction or elimination of some import tariffs that each president has imposed on the other president's country. We are right now taking in $billions in Tariffs.
China and the United States also agreed to continue negotiations concerning agriculture, energy, services and other sectors of the economy.
After the leaders of the world's two biggest economies agreed to a temporary pause in their trade war, .
Trump's words had the effect of making the already vague and uncertain weekend agreement seem even less likely to produce a long-lasting trade accord. The slew of Trump tweets prompted markets to fall as investors lost faith in a detente between the two nations.
Those 10 percent tariffs were scheduled to ratchet up to 25 percent on January 1 if the USA and China failed to reach an agreement to at least postpone that move.
Many economists have expressed scepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.
His appointment of Mr Lighthizer to lead the talks instead of Mr Mnuchin puts one of the administration's toughest China critics in charge.
"China's discussed these things with the US many times down through the years and the results have not been very good", he said.
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