China and the United States would push ahead with negotiations over 90 days and China would implement the specific issues it agreed with the USA "as soon as possible", the statement said. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.
As part of the truce, Trump agreed to hold off on plans to raise the tariffs on $200 billion in Chinese imports to 25 percent beginning January 1, leaving them at the current 10 percent rate. 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. And it has said nothing about a 90-day deadline for the talks.
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.
The president added: "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".
A Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.
The Hong Kong newspaper South China Morning Post, citing unidentified sources, said Beijing was preparing to send a 30-member negotiating team to Washington.
As part of the talks on Saturday night, Trump agreed not to increase existing tariffs on Chinese goods or impose any new ones for 90 days, while talks took place. While US President Trump is talking about considerable success in the US-Chinese negotiations, stock markets are shattering over the uncertainty in Sino-American relations.
"Common to all these adjustments in the year ahead is a general tactical approach that until such time as China is able to finally bed down the fundamentals of its trade, investment, and economic relationship with the United States, it is wise for China to reduce tensions between Beijing and other countries and regions of the world", Rudd said.
A vow by China to reach a trade settlement with the United States has helped settle financial markets after steep falls in U.S. stocks.
But Mnuchin added, "if that's real" - thereby raising some doubt - it would close the USA trade deficit with China, and "we have to have a negotiated agreement and have this on paper".
"Despite a temporary de-escalation of hostilities following the G-20 summit, the relationship between the USA and China will remain contentious", Moody's Investors Service in a report. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".
Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week, adding that higher tariffs could simply be delayed. And it comes just days after a 90-day truce in the U.S.
White House officials have also struggled to explain whether China had actually agreed to drop a 40 per cent tariff on USA cars as part of the deal.
China's ministry of foreign affairs said Monday the Chinese and US president had agreed to work toward removing all tariffs.