China, U.S. agree to temporary truce on new auto tariffs

USA and China stopped their war for three months

In a separate tweet Monday, Trump described his Saturday meeting with Chinese President Xi Jinping at the Group of 20 summit in Argentina as "extraordinary", saying "relations with China have taken a BIG leap forward!"

Trump gave no details about the vehicle tariffs, and there was no immediate response from the Chinese government.

Trump tweeted late Sunday that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%".

But Mnuchin said, "I think there's no question the president's tariff strategy has worked".

Tensions between the United States and China rose in May when the U.S. administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months. China raised its tariff on auto imports from the US from 15 percent to 40 percent in retaliation for Trump administration tariffs on imports from China. China, which has hiked the tariff on USA -made cars coming into the country to 40 per cent amid the trade fight, hasn't made a similar announcement on auto tariffs.

The White House called the meeting "highly successful", saying the US will leave existing tariffs on $200 billion of Chinese goods at 10 percent and refrain from raising that rate to 25 percent as planned on January 1.

"Mnuchin said China had agreed to make "big, long-term commitments" to purchase us liquefied natural gas", provided that the United States builds sufficient export terminals.

Mnuchin said the negotiations with China would be led by Trump, with an "inclusive team" of administration officials, including himself and other cabinet officials.

The White House said Saturday that China had agreed to purchase a "very substantial" amount of agricultural, energy, industrial and other products from the United States.

USC Trojans hire Kliff Kingsbury to be offensive coordinator
Quarterbacks coach Bryan Ellis also left, accepting a job as the new offensive coordinator for Tyson Helton and Western Kentucky. In 2012, he was the offensive coordinator and quarterbacks coach for Texas A&M when Johnny Manziel won the Heisman Trophy.

Hopes of a breakthrough at the G20 had been undermined right before the meeting by comments from the U.S. president.

Major US automakers said they were unaware of the lower tariffs on exports to China. The U.S. now charges a 27.5 per cent tax on imported cars from China.

U.S. Treasury Secretary Steven Mnuchin said on Monday there was a clear shift in tone at Buenos Aires from past discussions with Chinese officials, as Xi offered a clear commitment to open China's markets to U.S. companies.

His comments were borne out by figures released on Monday showing that China's factory activity grew slightly in November, though new export orders extended their decline in a further blow to the sector already hurt by trade frictions.

The US-China ceasefire raises prospects for a larger deal to resolve the trade war between the two countries and US grievances over China's alleged unfair trade practices.

Hong Kong's Hang Seng index is up 2.8 percent, while futures are pointing to a higher open in North America. If an agreement isn't reached by the end of the period, current 10% tariffs on $US200 billion Chinese imports will jump to 25%, the White House said.

Farmers sold $19.6 billion in products to China previous year, according to the Farm Credit Administration Office of Regulatory Policy.

The BBC's Stephen McDonell reports that China "has pretty much given up nothing in this deal because the future tariffs threatened from the Beijing side were retaliatory in nature and only to be applied if the United State escalated".

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