After the dinner, Trump said they reached the framework of a deal that would come together in 90 days.
China and the United States would push ahead with negotiations over 90 days and China would implement the specific issues it agreed with the USA "as soon as possible", the statement said.
President Donald Trump has declared victory in his trade war with China, claiming that Beijing had made "a big leap forward", but his declaration has reportedly left Chinese officials "puzzled and irritated".
Gao confirmed for the first time since the high-stakes meeting that China had agreed to implement consensus reached by both sides on agriculture, energy and cars, although he did not give details on any specific measures. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries. -China agreement in Buenos Aires as an historic breakthrough that would ease trade tensions and potentially reduce tariffs.
Some retailers were also encouraged by the agreement, according to the National Retail Federation.
In a "supremely ironic" move, China may even seek to negotiate entry to the TPP-11, which was originally conceived by the Obama Administration as part of pivot to Asia, and which may end up including China but not the USA itself, he said. "Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.
Chinese leaders have offered to change some details of plans such as "Made in China 2025".
Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote on Tuesday in a Twitter post, when he said he was a "tariff man".More news: Travis Scott slams rumors he cheated on Kylie Jenner
Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, chief economic adviser Larry Kudlow and other administration officials were meeting individually with executives from each of the three automakers. Chinese shares responded in kind, opening lower on Wednesday.
During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10% to 25%, that had been set to take effect January 1.
"So, again this will be a real agreement again and not that we can accomplish everything in 90 days but we expect to make a lot of progress and President Trump will be directly involved", Treasury Secretary Steven Mnuchin told Fox. The Chinese have not acknowledged a 90-day deadline for the talks or said that they plan to "immediately" increase purchases of USA farm goods.
"Despite a temporary de-escalation of hostilities following the G-20 summit, the relationship between the US and China will remain contentious", Moody's Investors Service in a report.
Hours later, Bloomberg News reported that officials have begun preparing to restart imports of United States soybeans and liquefied natural gas -the first sign confirming the claims of Trump and the White House that China had agreed to start buying some United States products "immediately". It also would begin buying products from USA farmers "immediately".
Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40 percent tariffs on U.S. autos.
Fears of a hotter trade war had sent financial markets tumbling in October and November. China's state planner announced Tuesday stiffer punishments for serious violators of IP rights, a move that may help ease Washington's discontent. Failure would raise the spectre of fresh United States tariff moves and potential Chinese retaliation as early as March.