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Chinese state TV says agreement has been reached with the USA not to impose any additional trade tariffs after 1 January and talks will go on.

USA indexes rose about 1% on Monday, following gains in Europe and Asia.

Top executives from German carmakers Volkswagen, Daimler and BMW are to meet on Tuesday with senior United States officials at the White House to discuss the situation, the German news agency DPA reported, citing unnamed sources. "Farmers, I LOVE YOU!" he said.

On Twitter, he said farmers would be a "very BIG and FAST beneficiary" and described the meeting with Chinese President Xi Jinping as "extraordinary".

William Zarit, chairman of the American Chamber of Commerce in China, said the outcome of the meeting was "as good as we could have expected" considering the complex issues involved.

Trump has appointed Lighthizer, one of the administration's most vocal China critics, to oversee the new round of trade talks with China, a White House official and a USA official told Reuters on Monday. "I think that's going to be a very primary reason we'll probably end up getting something good for China and good for the United States".

What was agreed at the G20? .

According to the White House, the US will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned.

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Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

The United States agreed not to raise tariffs further on January 1, while China agreed to buy more agricultural products from USA farmers immediately. China said last week that the tariff on the US would be 15 percent if not for the USA tariffs. In their own statements, Chinese officials made no mention of the three-month deadline.

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

On Friday, the US leader and his Canadian and Mexican counterparts signed a new trade pact White House aides for months have had little more than frustrated shrugs to offer when asked if staff-level talks with Chinese government officials had produced any progress in trade talks that stalled nearly a year ago.

Politically, even if the details of what the two leaders agreed to remain murky, the president is returning to Washington one step closer to a new North American trade pact and at least a Chinese commitment for a deal between the world's largest economies. China's silence indicates that the two leaders likely discussed the issue and reached a tentative agreement during their dinner meeting. China's offers on IP protection and adjustment of Made in China 2025 may not be enough for the Trump administration; if U.S. Department of Commerce is moving forward with new rules on technology export controls, it would make reaching a deal between the two countries more hard. Negotiations will be tough given the wide gap between the two sides on a number of issues.

Westpac FX analyst Robert Rennie said: "This US-China agreement is thus better characterised as a "mini-breakthrough" that puts a momentary pause on trade tensions rather than a comprehensive policy deal".

Worries about the economic impact of the tariffs have pushed stock markets lower in recent months. China's economy was devastated. The forum was created 19 years ago with the explicit goal of fostering rules-based globalization, more worldwide trade, and more participation of diverse developing countries in the global system.