Trump, Xi trade war dinner went 'very well' - White House advisor

Donald Trump hails 'amazing and productive' talks, as US agrees to suspend new China tariffs for 90 days

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

Stock markets have rallied worldwide after the U.S. and China agreed to suspend new tariffs in their trade war to allow for peace talks.

It remains uncertain how the two sides will resolve underlying USA concerns over trade barriers, subsidies and alleged technology theft.

It noted "As we leave Buenos Aires today, we look back on the Argentine Presidency with much appreciation for its significant progress on the core issues spanning the future of work, infrastructure for development, and sustainable food future, with special emphasis on women empowerment and digital economy".

Trump even failed to produce the most-commented-upon moment at the meeting; that belonged to the grinning fist bump between Russian president Vladimir Putin and Saudi crown prince Mohammed bin Salman, when the two men met Friday.

This saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of U.S. imports.

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

But, as with so many things, China's follow-up will be what matters to ensure that what is meant to be a confidence-building measure endures.

What was agreed at the G20? .

Washington agreed to delay a tariff increase on more than 200-billion US dollars' worth of Chinese imports to 25-percent from 10-percent originally planned to go into effect on January 1st, . while China agreed to resume purchases of USA farm and energy commodities.

Two Presidents have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and Cybertheft, services and agriculture, which will be targeted to be completed in the next 90 days.

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The White House statement said China had agreed to purchase a "very substantial" amount of American products, including "agricultural product from our farmers immediately".

Trump tweeted that China had agreed to "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move.

"My meeting in Argentina with President Xi of China was an extraordinary one".

China's official statement underlines that no higher tariffs will be imposed on January 1, 2019, but it does not mention the 90-day deadline.

There was no immediate word from China's government.

While it remains to be seen if Washington and Beijing can iron out their trade differences, it would be beneficial for both sides' energy sectors to at least reach some sort of deal that would allow the free trade of energy between the two super powers. On Sunday, Trump tweeted that China had agreed to cut import levies on American-made cars.

China's foreign ministry declined to confirm Trump's assertion on Monday, instead saying: "On December 1 President Xi and President Trump reached an important consensus on trade issues".

Chinese State Councilor Wang Yi told reporters, "The two presidents agreed that the two sides can and must get bilateral relations right".

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".

Those are "central to Xi's core agenda of making China an innovation superpower", Michael Hirson, Jeffrey Wright and Paul Triolo of Eurasia Group said in a report.

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