Business Roundtable cheers Donald Trump-China trade truce

China President Xi Jinping and US President Donald Trump at a dinner at the end of the G20 Leaders Summit in Buenos Aires

In China, listed vehicle dealers such as Grand Automotive, Pangda Automobile Trade and Sinomach Automobile climbed on the news, with some local carmakers falling back.

"The price spike in Chicago soybeans and the fall in Dalian is a normal market reaction to the U.S". The White House released the names of the two delegations, totalling 20 people in addition to the two leaders.

President Donald Trump meets with China's President Xi Jinping during their bilateral meeting at the G20 Summit in Buenos Aires, Argentina.

The Republican president called their agreement - which Washington hopes will help close a yawning trade gap with the Asian giant and help protect United States intellectual property - an "incredible" deal.

In his remarks, the Chinese president noted, "it's been a long time since our previous meeting and a lot of things have taken place".

Xi's government has announced a drumbeat of changes this year that Washington and other trading might have welcomed at another time as progress.

Both sides certainly came prepared for serious discussion.

"China and the United States are two important countries with major influence in the world and shoulder important responsibilities for global peace and prosperity", he said.

"The resumption of talks between the USA and China is encouraging for our industry, as we are dependent on complex global supply chains for our marketplaces around the world", said AAFA president and CEO Rick Helfenbein.

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Many major business leaders in both the United States and China had hoped for some sort of truce or partial deal in what is seen as an escalating trade dispute between the world's two largest economies.

Trump's tweet came after China and the United States reached an agreement on Sunday not to impose extra tariffs on each other's imports from January 1.

That put US -made vehicle brands like Tesla Inc and Ford Motor Co's Lincoln at a major disadvantage as the move came soon after China slashed auto import tariffs for the wider market to 15 percent from 25 percent.

China, in response, had been threatening to impose taxes on an additional 5,000 types of American imports worth about $60 billion.

Although the USA and China agreed to halt the trade war, it wasn't immediately clear whether they had made any progress on the issues that caused it. On Friday, on the sidelines of the G-20 summit in Argentina, he and his Mexican and Canadian counterparts signed an agreement that, if approved by Congress, would replace the North American Free Trade Agreement. The move is a significant turnaround in relations between the US and one of its biggest customers for farm products. China will be opening up, China will be getting rid of tariffs.

Trump's G20 summit was overshadowed by his abrupt decision to cancel a meeting with Russian President Vladimir Putin.

"He was a terrific guy and he'll be missed".

Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.

Xi also reiterated China's stance on the Taiwan issue and the USA side pledged to continue to adhere to the one-China policy. "USA also believes that China infringes intellectual property rights (IPR) regularly, forces foreign investors to transfer technology to China, and has yet to open up domestic Chinese markets as it had committed to as a condition to joining WTO in 2001", Narayan said, adding that the U.S. "now wants to force the issue by using tariffs as a weapon against China and negotiate a better bilateral trade deal".

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