However, Mr Trump risked more confusion over the state of relations when he took to Twitter to say: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".
After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods.
"On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time". But they plunged Tuesday after Trump called himself "Tariff Man" on Twitter and renewed threats of penalty duties. "We are right now taking in $billions in tariffs".
It can not be ruled out that the US-Chinese truce is a lull before the storm, as the two sides have yet to articulate new rules of the game.
"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he said.
A Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.
Treasury Secretary Steven T. Mnuchin said on Fox News that China would face "tariffs without reciprocal tariffs attacking us" if Beijing doesn't meet certain commitments made at last week's Group of 20 summit.
"Teams from both sides are in contact and cooperating well, we are fully confident that we can reach an agreement in the coming 90 days", Gao said, without providing more specific details about what actions China will take. In a series of tweets on Tuesday morning, he pushed the Chinese to buy American agricultural products "immediately", and questioned whether a "real deal" with Beijing is actually possible. Instead, the two sides are to negotiate over USA complaints about China's trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology.
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He told reporters that China had said it was willing to "expand imports according to the needs of its domestic market and people, including importing marketable products from the United States to gradually ease the trade imbalances", adding that both sides had agreed to open their markets to each other.
"We should also not rule out the possibility in 2019 of China pitching any tariff reforms that it is prepared to implement to resolve the U.S. China trade war to the wider worldwide community as well", Rudd said.
The two sides would also discuss intellectual property protection, technology cooperation, market access and fair trade, and "work hard to reach a consensus", Gao said.
"I have no assurances" China will change, Kudlow said, speaking at an event hosted by the Wall Street Journal.
Trump on Sunday said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.
Despite the Chinese silence, the "atmosphere is more constructive" and Beijing might be more willing to negotiate, Kuijs said.
"Narrow agreements and modest concessions in the ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests", Moody's Investors Service said in a report that predicted U.S.
John Williams, president of the Federal Reserve Bank of NY, also unnerved investors by telling reporters Tuesday that he supports further Fed rate hikes.