The Chinese have agreed to increase imports from the USA substantially, including immediately buying more US agricultural products (most likely including soy beans); approve the Qualcomm-NXP deal should the case be presented again, and put Fentanyl as a controlled substance to help US fight on the opioid epidemic.
U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G-20 leaders summit in Buenos Aires, Argentina, Dec. 1, 2018. China said last week that the tariff on the US would be 15 percent if not for the USA tariffs.
The price increase sparked a major hit to the roughly $10 billion worth of passenger vehicles the United States sent to China previous year.
Both sides gained from hitting the pause button, with Trump avoiding further hits to USA agricultural exports, and Xi staving off an escalation of the pressure that higher tariffs would place on his country's slowing economy.
Another significant take-away from the preliminary agreement could be its impact on energy markets, both USA oil import to China and perhaps even more importantly from a development perspective liquefied natural gas (LNG) imports.
President Trump said last week he was likely to go ahead with a planned tariff hike and reiterated his threats that the USA could impose tariffs on the remaining $267bn of Chinese imports into the country.
The truce, reached after a dinner of more than two hours Saturday, buys time for the two countries to work out their differences in a dispute over Beijing's aggressive drive to supplant US technological dominance.
Asian and European stock markets jumped on Monday, with Hong Kong and Shanghai closing sharply higher and the yuan strengthening after months of trade-war turbulence.
Trump said Bush's death put a "damper" on what he described as a "very important meeting" with Xi.
But observers warned there were still major issues that need to be resolved, including access for United States companies and intellectual property protection.
The healthy increases paved the way for sharp rises on European and USA exchanges later on Monday with futures trade seeing the FTSE100 opening up by 1.6% and the Dow Jones industrial average on Wall Street expected to leap 2%.
"However, the USA threatened that if no agreement is reached after this period, the 10% tariff rate on USD200bn worth of Chinese goods will be raised to 25%".
Beijing cut import duties on foreign autos to 15 percent in July but added a 25 percent penalty for USA -made vehicles the following month in response to Trump's tariff hikes.
The US president did not send any subsequent tweets on Sunday explaining which auto tariffs would be removed, and which would be reduced.
Trump has imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the other $200 billion. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", she said.
"China is willing to increase imports in accordance with the needs of its domestic markets and the people's needs, Wang said, "including marketable products from the United States, to gradually ease the imbalance in two-way trade".
The Global Times said the two sides would discuss expanding market access, protecting intellectual property and "joint control of cyber crime".
There was no immediate U.S. confirmation of the outcome of the talks, but Chinese state TV said: "No additional tariffs will be imposed after January 1, and negotiations between the two sides will continue".
Soybeans in Chicago led an advance in USA agriculture futures after the White House said China had agreed to immediately restart purchasing American farm products as part of a trade truce between the two countries.
The state-run China Daily struck a cautious tone.
What else happened in Buenos Aires?