After a two-and-a-half hour dinner with Chinese President Xi Jinping (習近平) on Saturday in Buenos Aires, Trump agreed to postpone an increase in the tariff rate on US$200 billion worth of Chinese imports to 25 percent from 10 percent that was scheduled for January 1.
Trump last week ordered a separate review of China's 40 per cent tariff on auto imports from the USA, 25 percentage points of which is the result of Chinese retaliation against Trump's own tariffs on imports from China.
Late Sunday, Trump tweeted that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40 percent".
After 90 days, if there's no progress on structural reform, the USA will raise those tariffs to 25 percent, White House Press Secretary Sarah Huckabee Sanders said in a statement.
In a Tweet on Sunday night, Trump said: "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".
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Since a great deal of social media simply cannot look away from these tweets , you can guess what happened next. Per the president's post, a delegation of U.S. officials will hold negotiations with the Chinese side.
Buyers and analysts quickly pointed out on Monday that China's tariffs on USA farm produce are still in place, mostly 25 per cent duties on soybeans, corn, sorghum and wheat.
USA exports of cars and light trucks to China were worth US$9.5 billion in 2017 and have dropped off significantly since China imposed its retaliatory tariffs over the summer that gave exporters in Europe and Japan a significant advantage.
"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. They intend to start purchasing agricultural products immediately.
In a series of tweets Monday, the president said his meeting with President Xi Jinping was an extraordinary one.
"While we are pleased that American consumers have been protected from additional tariffs on most of our products to date, this announced 90-day reprieve on increased and future tariffs is promising and we hope it will lead to the swift removal of the punitive tariffs already imposed by the administration".
The increases come after the United States and China said they had agreed to not increase tariffs for 90 days to allow for talks.
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With the two leaders' approach to the world looking increasingly different, it's likely that the G-20 truce will merely have paused the trade war - not stopped it.
Trump's tough trade position with China has hurt farmers trying to export soybeans, cotton, corn, and meat overseas.
USA markets initially gained more than 1% on Monday, but the enthusiasm dimmed a bit later, as it remained unclear how the two countries will resolve their underlying differences.
Since July, the United States has hit China with tariffs on $250bn (£195.9bn) worth of goods.
The president also touted an agreement with China to reduce tariffs on cars entering China from the United States. "I don't agree with that", he said. Qualcomm scrapped its US$44 billion plan to purchase NXP after failing to acquire approval from China's State Administration of Market Regulation, which oversees anti-monopoly regulations.
The move, if realized, would bolster U.S. vehicle manufacturers that were hit hard when China ramped up levies on US-made cars in July as part of a broad package of retaliatory tariffs amid a sprawling trade war between Washington and Beijing.
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Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet.