The White House said the USA and Japan will engage in further negotiations during the next several months in the interest of achieving a final, comprehensive trade deal.
China has escalated pressure on the U.S. ahead of negotiations scheduled for early October, warning that both of the largest economies could face severe consequences if they did not take steps defuse a more-than-yearlong trade dispute.
Trump called it the "first stage of a phenomenal new trade agreement" and described it as "outlining the significant steps we're taking toward a fair and reciprocal trade agreement". "Because they're losing their jobs, because their supply chain is going to hell and companies are moving out of China and they're moving to lots of other places, including the United States".
The agreement creates market access for certain agriculture products, boosting the morale of farmers and ranchers in Montana and across the nation in times when falling commodity prices and trade have hurt rural America.
Trump reportedly then said, "You know what we used to do in the old days when we were smart with spies and treason, right?"
"How China chooses to handle the situation will say a great deal about its role in the world and the future", he added.
After the United States exempted hundreds of products from a 25 percent tariff on US$250 billion worth of Chinese products that include Christmas tree lights, pet supplies, and plastic drinking straws, China buys pork and soybeans as a goodwill gesture before another set of high-level trade talks happen in Washington next month.
"I am absolutely convinced the Chinese, starting with President Xi down through the Minister of Public Security Zhao (Kezhi), are absolutely committed to doing this", Carroll, who oversees the US government's response to the opioid crisis, told reporters in Beijing after meeting his Chinese counterparts.
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"We hope this new agreement leads to more wins, as well as progress in achieving a better trade relationship with China".
China's top diplomat, Foreign Minister and State Councilor Wang Yi, hit back at tough criticisms from the United States on Tuesday and said the world's two biggest economies should respect each others' interests and cooperate for their mutual benefit and for that of rest of the world.
The two sides are prepping for another round of trade talks scheduled for October 10 and 11 in Washington, but investors voiced skepticism at prospects of a major breakthrough then. The other 11 countries went ahead with that agreement, giving competitors such as Australia and New Zealand preferential access to the Japanese market.
Trump has sought to pressure China to agree to reduce trade barriers through a policy of increasing tariffs on Chinese products.
"To keep away from uncertainty, resources will sell and pocket their money", the China Securities Journal said on its website.
However, the positive mood faded and Chinese shares fell 0.35 per cent as Trump's repeated mixed messages about trade negotiations caused investors to curb their enthusiasm.
Wang said the trade war was inflicting unnecessary damage on both countries, raising costs for American firms, pushing up consumer prices and dampening USA growth potential.