>> We'll be discussing trade.>> The United States and China have agreed to a ceasefire in their trade war, but they seem to have conflicting ideas about what comes next. I'm Andy Sullivan in Washington where President Trump is saying he expects trade barriers to fall quickly after meeting with Chinese President Xi Jinping at the G20 Summit this past weekend.
That exhuberant talk is boosting the markets, but it's not what we're hearing out of Beijing. Chinese state media only saying that they'll work to gradually balance trade between the two countries. One thing is certain, Trump and Xi agreed to hold off on any new tariffs for 90 days while the 2 sides talk.
That's where the agreement seems to end. Trump saying China will drop tariffs on American automobiles, also saying China will start buying US farm products again. That would be good news for farmers who've been caught in a crossfire of a tit for tat tariff war this year. Treasury Secretary Steven Mnuchin saying that could lead to a $1.2 trillion in new business.
>> Obviously some of the issues are gonna need to be phased in. Some of the issues may need more detailed work, but the idea is there will be a real agreement.>> White House officials saying they expect China to take action immediately. But there have been few, if any, specifics mentioned by the Chinese.
No pledge to cut the current 40% tariff on imported US autos and no specific commitment to drop tariffs on US farm goods. Only vague hints about more difficult structural issues that Washington hopes to tackle like intellectual property protections. Even so, White House economic advisor Larry Cudlow says the ceasefire could lead to a dramatic reshaping of the relationship between the world's two biggest economic powers.
>> President Xi is never been this involved. And the chemistry between him and President Trump was also remarkable.>> The problem is none of these commitments are in writing, so it's possible that China and the United States haven't actually agreed on what they'll be discussing. That can make it even harder to resolve these thorny issues.
>> There's some good signs. We'll see what happens.