How cynical should you be about the Trump-Xi deal? Watch commodities

Reuters  Marcos Brindicci

Both countries have agreed to open up their domestic markets.

If no broader deal is reached within 90 days, the U.S. said it would hike tariffs on $200bn of Chinese goods from 10 to 25 percent.

In return, China agreed to buy what the White House called a "not yet agreed upon, but very substantial" amount of US products to help narrow America's gaping trade deficit with 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".

"Trade is a big deciding factor for markets because it affects profit growth, so the U.S".

Instead, Xinhua stressed the two leaders had agreed not to escalate the tariff war and to "take immediate efforts to address issues of mutual concern based on mutual respect, equality and mutual benefit". The Trump Administration has also made it a priority to crack down on the flow of fentanyl-like substances from China, which may enter the country either directly through the mail, or indirectly via cartels.

Both sides certainly came prepared for serious discussion.

Given the seeming gap in the expectations of Washington and Beijing, the track record of Trump in flip-flopping his positions and the Chinese need to preserve "face" in any eventual deal, the safest option is probably to be skeptical about the real-world implications of the G20 meeting.

The U.S. decision to agree to a delay in the imposition of the tariffs formerly scheduled for January 1 might yet be seen as a successful application of leverage.

The latest example of such behavior was the U.S. side's sudden decision to cancel the much-anticipated meeting between Trump and Vladimir Putin, which had been scheduled to take place at the G20 summit in Argentina.

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With the England global missing, Klopp could turn to one of Fabinho, Naby Keita and Xherdan Shaqiri - three players who are yet to experience a derby since arriving at the club - to fill the void.

Trump declared widespread opioid abuse a public health emergency in October 2017 and vowed to use the federal government's legal powers to pursue companies that help fuel the epidemic.

China has hit back with similar tariffs on $110 billion worth of goods made in the United States.

Chinese President Xi Jinping and his USA counterpart Donald Trump reached important consensus Saturday night at their working dinner, said Chinese State Councilor and Foreign Minister Wang Yi.

Both sides gained from hitting the pause button, with Trump avoiding further hits to United States agricultural exports, and Xi staving off an escalation of the pressure that higher tariffs would place on his country's slowing economy.

The White House said 90 days of truce was agreed upon by Washington and Beijing to settle such differences, adding that if no deal is reached, tariff rates will be raised to 25 percent as previously planned.

Wang said the two presidents agreed to keep in close touch with each other through visits, meetings, phone calls and correspondents to continue providing guidance for the bilateral ties.

Negotiators face a daunting agenda and a 90-day window to produce progress.

USA exports of cars and light trucks to China were worth $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.

White House trade adviser, Peter Navarro, said, however that the talks would be led by U.S. Trade Representative Robert Lighthizer - a shift from past practices where Mnuchin had a lead role. Both parties agreed to complete negotiations within 90 days.

China is dependent on countries such as the USA and South Korea for high-end microchips, a weakness in its bid to become a global tech leader.

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