We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Kudlow initially said that the Chinese had 90 days from January 1 to come up with "structural changes" regarding intellectual property protections, forced technology transfer and other issues.
Kudlow didn't provide details on what the White House would to do eliminate or change the electric auto tax credits, which would require an act of Congress. Experts doubt the sweetener can be changed by executive order.
Senior Chinese officials did not mention this deal in a news conference.
The temporary freeze on further hostilities in the trade war between the United States and China had sparked a global rally in equity markets on Monday, pushing MSCI's all-country world index up 1.3 percent.
The White House said talks would take place to resolve within the next 90 days specific US complaints such as forced technology transfer, or else existing 10 percent tariffs would go up to 25 percent. There, all sides agree, the American president agreed to postpone an increase in tariffs on Chinese imports to 25% from 10%, which was scheduled to take effect Jan 1, in exchange for negotiations on broader economic disputes. Vice Commerce Minister Wang Shouwen told reporters that China and the United States would step up talks to remove the existing 25 percent tariffs (on some other products), but gave no timeframe.
The problem was that no one had told the Chinese and within weeks the "deal" was dead.
Asked why the auto tariffs weren't mentioned in statements the USA and China issued after the dinner, Kudlow inexplicably insisted that they were.
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The White House said China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States.
"They are meeting many of our demands", White House economic adviser Larry Kudlow said after the meeting between officials from the two countries.
With the United States and China clashing over commerce, financial markets will take their lead from the results of the talks, "widely seen as the most important meeting of USA and Chinese leaders in years", says the news agency.
China committed to start lifting tariffs and non-tariff barriers immediately, including reducing its 40 percent tariffs on autos, Kudlow said.
Trump nevertheless praised himself for the dinner, and abandoned nuance in claiming on Twitter that China had agreed to immediately buy more US farm products, in addition to dropping vehicle tariffs.
Americans would get a majority ownership in Chinese companies for the first time, Kudlow added.
"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", said Julian Evans-Pritchard, senior China economist at Capital Economics. "But the details of that still need to be negotiated", Mnuchin told CNBC.