Trump meets with German auto execs, tweets 'I am a Tariff Man'

US President Donald Trump and China's President Xi Jinping attend the G20 summit in Buenos Aires last weekend

"China has agreed to start purchasing agricultural product from our farmers immediately", the White House said after Trump and Xi's meeting.

Trump has agreed to delay a rise in tariffs on China while talks continue. The Dow Jones industrial average surged 320 points in later afternoon trading. Other market indexes also fell sharply: the S&P 500 lost 3.2% and the Nasdaq dropped 3.7%.

In Buenos Aires, Trump agreed to delay the scheduled US tariff increase for 90 days while the two sides negotiate over the administration's complaints related to how Beijing systematically steals trade secrets and forces the USA and other foreign countries to hand over sensitive technology as the price of admission to the vast Chinese market.

In a Sunday editorial in Chinese, the Global Times noted that the agreement struck between Presidents Xi Jinping and Donald Trump in Argentina on Saturday was temporary.

The White House says the deal with Xi will see China buy large amounts of United States agricultural produce to close the trade deficit and includes an agreement by Beijing to curtail the flow of fentanyl, a powerful opioid, into the US.

"We are now taking in $billions in Tariffs".

The Ministry of Commerce statement described the meeting with the U.S.as "very successful" and said China is "confident" of implementing the results agreed upon at the talks, but didn't provide any further details on the outcome.

The talks would focus on "whether or not a REAL deal with China is actually possible", Trump said.

"The good news is that this truce should be seen as Washington recognizing the potential damage on the USA economy if tariffs escalate further", said Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management.

USA soybean farmers took a significant hit from the trade war after China imposed a 25% tariff on the agricultural product in retaliation for US tariffs on $200 billion of Chinese imports.

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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.

He wrote on Twitter yesterday: "President Xi and I want this deal to happen, and it probably will".

"Beyond the political spin, the meeting between Trump and Xi can be considered a success in that the threatened escalation of trade tensions has been pushed back three months and the two parties are once again communicating", Greg Daco of Oxford Economics said.

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

Yet Larry Kudlow, the top White House economic adviser, later Monday said that "We don't yet have a specific agreement on that", referring to the auto tariffs. Many companies have already switched their purchases from China to another country to avoid the potential 25% tariff.

"If it is, we will get it done", Mr Trump said in a Twitter post.

The Chinese government has repeatedly dismissed United States accusations that it uses underhand means to get hold of American technology.

Treasury Secretary Steven Mnuchin said on CNBC the USA and China had held "very specific discussions" in Buenos Aires on Saturday evening on steps to defuse their conflict, which involves hundreds of billions in bilateral trade and had roiled world markets for months.

Daimler chairman Dieter Zetsche told reporters that additional USA investments are contingent on conditions remaining the same.

It explained that China and the US had agreed to work together on issues including widening market access, protecting intellectual property rights, avoiding forced technology transfers and jointly fighting against cyber theft. Mnuchin said Monday morning on CNBC that China had offered to buy up to $1.2 trillion of additional US goods, even while the "details of that still need to be negotiated".

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