Stocks climb after US-China trade truce; oil price surges

G20: BRICS slam protectionism as China-US trade war dominate summit

US President Donald Trump boasted Monday that US relations with China have taken a "BIG leap forward" following his meeting in Argentina with President Xi Jinping.

President Donald Trump said the trade truce he struck with China will have "BIG and FAST" benefits for USA farmers.

China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%.

"If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%", a White House statement said after dinner talks between President Donald Trump and his counterpart Xi Jinping on the sidelines of a G20 summit in Buenos Aires.

U.S. companies and consumers are bearing part of the cost of the USA tariffs on China by paying higher prices for goods, and many companies have hiked prices on imported goods.

The two countries are also at odds militarily over China's extensive claims in the South China Sea and USA warship movements through the highly sensitive Taiwan Strait.

In accordance with the agreement, the Chinese side will expand the volume of purchases of American goods, particularly agricultural products, to reduce the USA deficit in trade with China. With the White House warning that following the 90 days, with no agreements, the tariffs would rise to 25%, these two questions could possibly play the largest role in China's decisions.

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China is willing to import more goods from the United States based on the needs of the Chinese people and to gradually address the imbalance issue. "China will be getting rid of tariffs".

According to a readout from the White House, the two leaders agreed "that they will endeavor to have this transaction completed within the next 90 days".

China and the USA now have 90 days to come to a wider trade agreement. Mnuchin, in an interview with CNBC on Monday, put a US$1.2 trillion price tag on China's additional trade commitments, but emphasized the details of how they get there still need to be negotiated.

The Chinese leader echoed Trump and said the meeting was "a manifestation of a personal friendship". Will President Xi be willing to encourage U.S. technology firms to set up and access similar benefits to Chinese firms, which could possibly threaten the 2025 vision? "I don't agree with that", he said. It is noted that some $50 billion worth of Chinese imports already face 25 percent tariffs, while the 10 percent tariffs â€"which target a massive $200 billion in goods â€" will also remain in effect.

Of China's US$51 billion of vehicle imports in 2017, about US$13.5 billion came from North America, including sales of models made there by non-US manufacturers like BMW.

A White House statement said both sides would immediately begin talks over a wide range of issues, including forced technology transfers, intellectual property protection, non-tariff barriers and cyber intrusions. Now, these tariffs will not be increased for 90 days, that is, until March 1, 2019.

While he praised the meeting as "highly successful" and a "great honor" to be working with Xi, Trump would only say that tariff increases are on hold for now.

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