Earlier this year Trump imposed an import tax of 25 percent on $50 billion in Chinese products, then hit an additional $200 billion worth of goods with 10 percent tariffs.
White House economic adviser Larry Kudlow said a reduction in Chinese tariffs on US cars and agricultural and energy commodities would be a "litmus test" for whether US-China trade talks were on track to succeed.
Stocks sank on Tuesday, with the Dow Jones plummeting nearly 800 points, amid concerns about the health of the US economy and uncertainty about what specifically Trump and Chinese President Xi Jinping had agreed to at the G-20 summit in Argentina three days prior, but USA equity futures rose Wednesday after Beijing confirmed the news.
It also said China had agreed to start buying farm products from USA farmers immediately. In his tweets, the president said his advisors will work on "seeing whether or not a REAL deal with China is actually possible".
The disarray surrounding the China deal coincides with a global economy that faces other challenges: Britain is struggling to negotiate its exit from the European Union.
Beijing will "immediately implement" terms of a tariff ceasefire with Washington and is "full of confidence" a trade agreement can be reached within 90 days, a Chinese government spokesman has said.
"We expect the relationship between the world's two largest economies to remain contentious", Moody's Investors Service said in a report.
A Chinese official told Reuters that officials were "waiting for the leaders to return" before publicizing details. Even if the tariffs are lifted now, the U.S. crop is becoming less competitive in the Chinese market as the harvest season approaches in South America. They announced that China had agreed to buy many more American products and to negotiate over the administration's assertions that Beijing steals American technology.
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President Xi and his most senior officials are due back in China on Thursday, having visited Panama and Portugal since leaving Argentina.
Trump didn't help when he tweeted 'I am a tariff man, ' which investors saw a sign a deal may not happen.
"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". Trump is relying on tariffs, and the threat of imposing them, to force other countries to buy more goods from America.
Trump and White House aides have promoted the apparent U.S.
"Although we do not see Qualcomm approaching NXP again in the short-term, we believe the statement is a positive for M&A activity, especially in the tech space", Zhang wrote. It wasn't clear whether the preparations meant China would cut the retaliatory tariffs it imposed on those products, or when the purchases would happen.
According to agreement, China agreed to buy a "very substantial" amount of agricultural products, industrial, energy and some others too from the United States in order to reduce the trade gap in-between countries, and also China agree to purchase farm products "immediately" from U.S., the White House said.
Top Wall Street economists have expressed doubts about the two sides reaching a concrete agreement.