China agrees to 'reduce and remove' tariffs on US cars

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That the deal was done at the leaders' level also underscores a particular phenomenon of the Trump presidency.

Many US automakers build their cars in China, but for some the tariff hikes have hit sales.

He said under the deal China would buy a "tremendous amount of agricultural and other product" from the United States. Qualcomm had announced it would cancel its bid to buy the Netherlands-based company back in July, after China's antitrust regulator made no decision upon the deadline's passing. And Beijing agreed to reconsider a takeover by US chipmaker Qualcomm that it had previously blocked.

China would also buy agricultural products from U.S. farmers immediately.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia.

The Trump-Xi meeting was the marquee event of Trump's whirlwind two-day trip to Argentina for the G-20 summit after the president canceled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine.

Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.

The President can claim the truce - even if temporary - as a reward for his all-or-nothing approach to remedying the United States' trade deficit with China, and forcing China to open up its own market. Washington accuses China of deploying predatory tactics in its tech drive, including stealing trade secrets and forcing American firms to hand over technology in exchange for access to the Chinese market.

Trump imposed 10 percent tariffs on $200bn worth of Chinese goods in September.

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Trump last week ordered a separate review of China's 40 per cent tariff on auto imports from the USA, 25 percentage points of which are the result of Chinese retaliation against Trump's own tariffs on imports from China.

The two sides also agreed to begin discussions on how to resolve issues of concern, including intellectual property protection, non-tariff trade barriers and cyber theft.

At the same time, U.S. farmers have been hurt by reduced Chinese imports of soybeans and other products.

US officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judged.

"Given the complexity of interactions between the two economies, the rest of the world will still be holding its collective breath", it said. It was last down 0.07 percent at 96.630.

Traders are now looking ahead to a weekend meeting of OPEC and key non-OPEC members, where they will make an announcement on how much they will cut and for how long.

Xinhua also made no mention of China's promises to buy more USA goods, and a detail in the White House statement regarding US chipmaker Qualcomm's failed bid to buy NXP Semiconductor after Chinese regulators failed to approve the deal.

American farm income is expected to drop 13 per cent this year, according to the Department of Agriculture.

China "is open to approving the previously unapproved" deal for U.S. company Qualcomm Inc to acquire Netherlands-based NXP Semiconductors "should it again be presented". He said there were three sites under consideration, but he declined to name them.