They pledged to further strengthen cooperation with China in such areas as trade, investment, green development and people-to-people exchanges at the local level, so as to make positive contribution to bilateral ties.
"Right now, we have agreed to put the tariffs on hold while we execute the framework", the treasury secretary said in a statement.
The United States shipped 4.76 million tonnes of sorghum to China in 2017, worth around $1.1 billion and making up the bulk of China's roughly 5 million tonnes of imports of the grain, according to Chinese customs data.
Over the weekend, the two sides pledged to keep talking about how China could import more energy and agricultural commodities from the United States so as to narrow the $335 billion annual US goods and services trade deficit with China, although details and a firm timeline were thin.
"So long as Singapore is pending, we do not believe these tariffs will be implemented", Krueger said. Texas LNG is not considering developing an import terminal in China, he said, which would likely be needed to expand US exports. Xinhua quoted China's Vice Premier Liu He as saying "the two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other".
As a result, the Grains Council may dial back plans made during China's investigation to find more buyers in other countries for US sorghum, Sleight said.
"China represents an enormous economic opportunity for U.S. LNG", Katie Bays, an analyst at Height in Washington, said in a note to clients Monday. "I think you could see $50 [billion] to $60 billion a year of energy purchases over the next three to five years". Media reports suggested that the USA was offering to swap a ZTE rescue for an end to proposed Chinese tariffs on US farm products. In another tweet, he added, "China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products - would be one of the best things to happen to our farmers in many years!"
The US has stepped up its demands on Iran's military involvement in the Middle East in the wake of ending the nuclear deal that will renew sanctions. We never anticipated one.
Mnuchin said the president "can always decide to put the tariffs back on if China doesn't go through with their commitments".
Paulson encouraged Mnuchin to travel to Beijing for a first round to trade negotiations and Mnuchin in turn lobbied Trump to authorize the trip, said a person familiar with the matter. "This may be somewhat related to President Trump's intervention with ZTE regarding the USA export sanctions". The Republican-controlled House Appropriations Committee amended a must-pass annual spending bill to bar the department from lifting the penalties.
"The big news over the weekend was that a trade war was averted, and so we had an adjustment, covering bets that there would be negative news coming out of the discussion", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
Experts said the ZTE talks are key.
Trump also pressed China to seal its border with North Korea "until a deal is made" - an apparent reference to his upcoming summit with North Korean leader Kim Jong Un.
"The president is more determined to have a good deal than he is anxious about any deadline", the treasury secretary said.