Trump told Reuters in an interview that the Chinese government was "back in the market" to buy soybeans after a December 1 truce in the U.S. The resumption of US soybean purchases would provide some relief to farmers, who have seen exports to the world's biggest consumer plummet and domestic inventories pile up.
Trump told Reuters in an interview on Tuesday the Chinese were already buying a "tremendous amount" of USA soybeans and would also soon cut tariffs on US autos.
Global markets had whipsawed since then, with little sign that China was making the substantial purchases of US farm, energy and industrial products that Trump said would start immediately after the meeting.
China has agreed to reduce and remove tariffs on cars coming into China from the U.S. now the tariff is 40%.
"I think they're looking to do it immediately, very quickly", he said in the interview.
A Trump administration official earlier told Reuters that China's plan to cut auto tariffs was outlined in a phone call between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
China's tariffs on United States soybeans had caused exports to dive and wrecked many American farmers.
China reportedly bought more than 500,000 tons of USA soybeans, worth around $US180 million. "Watch for some important announcements!", Trump said in a tweet the morning after the first of the talks between the officials of the two countries.
Oval Office standoff may cement Pelosi's path to House speakership
Before the meeting, Trump threatened to have the U.S. military build the wall if Congressional votes can not be found. When Ms Pelosi said he did not have that support in the House, Trump interjected: "Nancy, I do".
"The problem is it's so late in the season for the U.S.", Friedrichs said.
In retaliation, China raised the duty on USA auto imports to 40%, though it proceeded with the lower rate on imports from other countries.
The soybeans are expected to be shipped mostly from grain terminals in the U.S. Pacific Northwest, the most direct route to Asia, the U.S. traders said.
American soybean farmers are still waiting to see the benefit of President Donald Trump's trade truce with China. China's economy czar and the U.S. Treasury secretary discussed plans for talks on a tariff battle, the government said Tuesday, Dec. 11, 2018.
"Last week, events seemed to conspire to throw the truce into disarray, but the underlying incentives of both sides at the moment are to try to maintain that truce", chief Asian economist at Pantheon Macroeconomics, Freya Beamish said.
The two sides have exchange punitive tariffs on hundreds of billions of dollars in trade, and prior to the ceasefire Washington had been poised to more than double the rate on $200 billion in Chinese goods starting January 1.