China, for its part, also agreed to offset its massive trade imbalance with the U.S.by buying more, but not yet specified amounts, of energy products, agricultural, industrial and other products.
The US expects China to take immediate action to cut tariffs on US vehicle imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, Kudlow, director of the White House National Economic Council, said Monday.
The comments by the president and his top advisers over the past 48 hours have only added to China's confusion about their negotiating partners. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.
"If it is, we will get it done", Mr Trump said in a Twitter post.
"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".
"The negotiations with China have already started", Trump said in a series of tweets on trade talks between the two countries. "It will always be the best way to max out our economic power".
His appointment of Lighthizer to lead the talks instead of Mnuchin puts one of the administration's toughest China critics in charge. At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments. He noted that the talks would be finalized within 90 days after his meeting with President Xi Jinping at the G20 forum.More news: Gareth Bale agent refuses to rule out Juventus move
A lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question.
Another significant take-away from the preliminary agreement could be its impact on energy markets, both US oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.
"Longer-term, China has more to gain from free trade in autos", with local Chinese manufacturers such as Guangzhou Automobile Group Co. and Geely Automobile Holdings Ltd. looking to move overseas, she said.
President Donald Trump said in a late-night tweet that China has agreed to "reduce and remove" tariffs on imported American-made cars, a claim that wasn't immediately confirmed by Beijing.
"Just two days before his meeting with Xi, Trump told reporters that he "[liked] the deal we have right now", referring to "billions and billions of dollars coming into the United States in the form of tariffs or taxes".
"But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign".
Still, "the market is very concerned about the outcome of further negotiations", and whether there will be big purchases in the next few weeks, she said.