After Trump met with Chinese President Xi Jinping during a trip to Argentina for the G20 Leaders' Summit, he quickly announced that they had come to a suitable agreement that would allow them to halt temporarily the escalating trade war that had resulted in tit-for-tat tariffs on imported goods.
"Not to sound naive or anything", he added, "but I believe President Xi meant every word of what he said at our long and hopefully historic meeting".
The two sides have given themselves 90 days to negotiate "structural changes" in the way China handles technology transfer, intellectual-property protection, cyber-theft and other issues.
Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.
On Monday, Trump tweeted that China had agreed to remove tariffs on American autos, but White House aides struggled to explain specifics about the deal, according to the Associated Press. Wall Street was initially encouraged by Trump's deal with Xi in which both sides agreed to a 90-day truce in the U.S.
China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States - and was confident it could reach a deal within 90 days.
"Winter will continue", said Jennie Zhang, chairman of Guangzhou Jinhuamei Leatherware Co., a maker of leather belts and handbags that were hit by the 10 percent tariffs Trump imposed.
The daughter of Huawei's founder is facing extradition to the United States, dealing a blow to hopes of an easing of Sino-U.S. trade tensions and rocking global stock markets.
He later said China had committed to buying large amounts of USA agricultural products and completely removing all tariffs on U.S. automobiles, a huge shift from its current 40 per cent penalty.
She now faces a bond hearing Friday, pending possible extradition to the United States to face criminal charges.
China's Foreign Ministry, the only government department that holds a daily briefing foreign media can attend, has repeatedly referred questions on details to the Commerce Ministry, which has yet to say anything. -China relationship now as both view each other more as a competitor than a strategic partner in trade and economics.
The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and USA leaders over their ongoing trade dispute.
China imports nearly 90 percent of its soybeans, and the United States had been the country's primary supplier of soybeans.
In return for the postponement in the higher US tariffs, the White House said China had agreed to step up its purchases of USA farm, energy and industrial goods. And it has said nothing about a 90-day deadline for the talks.
It also said China had agreed to start buying farm products from US farmers immediately. There's also been confusion just on the USA side, with the White House, Trump and his advisers making conflicting statements as to the details of a deal.
He added: "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".
America has probably already missed its best chance to sell soybeans to China, according to Cargill, one of the world's biggest agriculture commodity traders.