Trump Tries to Calm Global Markets After Stocks Drop Sharply

Workers take samples of soybeans on a ship at the port of Yantai in East China’s Shandong Province in July 2016

The leaders attended the G-20 summit in Buenos Aires, Argentina.

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.

No official details were disclosed except what ministry statement has stated, was the first public announcement from the Chinese government about 90-day extension.

The executives will underline the EC's plea to cut tariffs on cars and explain the importance that German industry plays as a net exporter of vehicles from the United States, a person familiar with the discussions told Reuters.

Trump has appointed Lighthizer, who just completed a new trade agreement with Canada and Mexico and is one of the administration's most vocal China critics, to oversee the new round of talks, officials said.

However "we remain skeptical of a substantial trade deal between the two economic giants".

Arone noted that "there are still some very sticky issues that need to be resolved" between the world's two biggest economies.

Rosenblatt Securities analyst Jun Zhang said the easing of trade war tensions between the US and China could be good news for USA internet and software giants such as Facebook, Inc.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

After meetings in Argentina with world leaders, Trump sent out a triumphant tweet Sunday night declaring: "China has agreed to reduce and remove tariffs on cars coming into China from the U.S".

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But that premium has been significantly eroded in recent weeks after China built up large soybean stocks, and demand for soymeal declined in the wake of an African swine fever epidemic ravaging the country's huge hog herd.

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

U.S. Treasury Secretary Steven Mnuchin revealed President Trump himself will be the main person in charge of leading crunch trade negotiations with China. After this tweet of president Trump, the stock market showed some positive response which indicates that the faith investors are restored at least for a short period.

"I am a Tariff Man".

"President Xi and I want this deal to happen, and it probably will", Trump wrote on Twitter on Tuesday.

"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said.

It also said China had agreed to start buying farm products from US farmers immediately.

The lower tariffs would be a boost to automakers exporting vehicles to China, including Ford and German carmaker BMW, which exports US -built luxury vehicles to China. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

China's reticence contrasted with the parade of USA officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow.

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