China-US Ceasefire Paves Way For New LNG Projects

Traders work on the floor at the New York Stock Exchange in New York City U.S

Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for United States import taxes.

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.

Trump jolted auto stocks by announcing late Sunday that a deal had been reached, following his dinner with Chinese President Xi Jinping on Saturday at the Group of 20 summit in Buenos Aires.

Trump says he wants to de-escalate trade tensions with China but insists on Beijing addressing long-standing issues such as intellectual property theft, forced technology transfers, and tariffs and nontariff barriers.

U.S. Treasury Secretary Steven Mnuchin revealed President Trump himself will be the main person in charge of leading crunch trade negotiations with China. The plunge came hours before the Chinese Commerce Ministry said that it was confident it can reach a trade deal with the U.S as the countries continue to dispute tariffs placed on one another's goods.

"President Xi and I want this deal to happen, and it probably will".

A Chinese official told Reuters officials were "waiting for the leaders to return" before publicising details.

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said. As part of the agreement, Trump - who called the deal "incredible" - said that he'll delay the United States' plan to impose tariffs on $200 billion in Chinese goods.

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During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1.

"China will begin implementing specific issues that have reached consensus immediately, the sooner the better", a spokesperson for the Chinese Ministry of Commerce told reporters in a statement that was later published on its website.

"I don't think this meeting or anything else for that matter, right now, is moving toward vehicle tariffs", Kudlow told reporters Monday.

Trump again claimed Tuesday that more tariffs on China would actually help the U.S. He contended that he has made China "pay for the privilege" of raiding "the great wealth of our Nation". China's government has been slow to formulate its response to the summit as senior officials were still out of the country with Xi, Bloomberg News reported.

"Ultimately, I believe, we will be making a deal - either now or into the future", he 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.

Many economists have expressed skepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.

USA stocks got a big lift Monday after the G20 meeting over the weekend cleared up some major uncertainties for investors.

Goldman Sachs analyst Alec Phillips said the US and China made little concrete progress at G20, which was what he anticipated heading into the meeting.

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