Asia markets rise after USA and China agree to trade truce

President Donald Trump smiles alongside President Xi Jinping of China in Buenos Aires on Saturday

Analysts cautioned on Monday that the trade deal may have only bought some time for more wrangling over deeply divisive trade and policy differences, and said China's economy would continue to cool regardless under the weight of weakening domestic demand. "China will be getting rid of tariffs".

The statement also noted that China would purchase a "not yet agreed upon, but very substantial" amount of agricultural, energy, industrial and other products.

William Zarit, chairman of the American Chamber of Commerce in China, said the outcome of the meeting was "as good as we could have expected" considering the complex issues involved. And Beijing agreed to reconsider a takeover by USA chipmaker Qualcomm that it had previously blocked.

A statement from White House press secretary Sarah Sanders noted that China has agreed to start purchasing agricultural products from U.S. farmers "immediately".

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

These obvious omissions paint China in a more positive standing in the trade negotiations, seeming as if the United States had conceded with halting the tariffs' progression. Washington accuses China of deploying predatory tactics in its tech drive, including stealing trade secrets and forcing American firms to hand over technology in exchange for access to the Chinese market.

And that is important for President Trump as Chinese tariffs were affecting his power base, the rural heartlands of the Midwest which export commodities like soya beans and sorghum to China. "Now the tariff is 40 percent", Trump said on Twitter.

China has already slapped tariffs on $110 billion in US goods.

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The two countries signed 30 trade and financial agreements.

Any move to reduce or eliminate the extra tariff is a boon for carmakers such as Tesla, BMW and Daimler, which all produce cars in the U.S. and import to China.

USA officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

An escalating trade war between the world's two largest economies has weighed on markets generally. It was last down 0.07 percent at 96.630. In doing so, they cited the trade conflict as well as political uncertainty.

The soybean contract for January delivery jumped as much as 3.2 percent to $9.23 3/4 a bushel, the highest since June, while corn and wheat also climbed. About 10 per cent, or more than 280,200, cars China imported past year came from the USA, according to China's Passenger Car Association.

Xi also agreed to designate the drug fentanyl as a controlled substance, the White House said.

"President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him", the White House statement read. It is unclear whether the transaction could be revived even with China's acquiescence.

Speaking to reporters on Air Force One, Trump hailed his agreement with Xi. He said there were three sites under consideration, but he declined to name them. The agreement "is not a ceasefire, it's just a de-escalation", he said.

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