China 'confident' of U.S. trade deal in 90 days as questions mount


"The economic and trade teams of the two sides will actively promote the consultation work within 90 days in accordance with a clear timetable and road map", the officials said.

The ministry's statement came after the U.S. president, Donald Trump, called himself "a Tariff Man" on Twitter and warned more levies could be imposed on China.

The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs.

China's reticence contrasted with the parade of US officials talking about the deal on Monday, including Treasury Secretary Steven Mnuchin and White House Economic Adviser Larry Kudlow. Deep divisions remain between the two countries, including the administration's insistence that China end its practice of pressuring USA companies to hand over valuable technology and trade secrets.

On Monday, Kudlow said there was an "assumption" that China would eliminate auto tariffs, not a specific agreement.

According to agreement, China agreed to buy a "very substantial" amount of agricultural products, industrial, energy and some others too from the United States in order to reduce the trade gap in-between countries, and also China agree to purchase farm products "immediately" from U.S., the White House said.

In a Sunday editorial in Chinese, the Global Times noted that the agreement struck between Presidents Xi Jinping and Donald Trump in Argentina on Saturday was temporary.

This year, the Trump administration instigated a trade war on Beijing, imposing tariffs on a total of $250bn of Chinese imports.

"I am certain that, at some time in the future, President Xi and I, together with President Putin of Russian Federation, will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race".

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The US and China paused a trade war after several months, agreeing to halt new tariffs for 90 days. Ben Sasse, a Nebraska Republican and opponent of Trump's tariff policy, criticized the president's tweets on that basis.

"He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations".

Trump has exaggerated the effect of the tariffs on USA revenue.

"We expect the relationship between the world's two largest economies to remain contentious", Moody's Investors Service said in a report.

Goldman Sachs analyst Alec Phillips said the USA and China made little concrete progress at G20, which was what he anticipated heading into the meeting.

He said a pause in additional USA tariffs and an additional round of negotiations between the US and China is exactly what he was hoping for from the G20 meeting.

The statement did not mention Trump or Xi, however the state news agency Xinhua later said the ministry statement was hailing their meeting.

"China's discussed these things with the USA many times down through the years and the results have not been very good", he said.

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