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Last month, the Organisation for Economic Cooperation and Development, which advises numerous world's richest economies, warned that the global economy had passed its peak and faced a slowdown driven partly by trade disputes. Failure would raise the spectre of fresh United States tariff moves and potential Chinese retaliation as early as March.

BMW used the opportunity "to explain in detail the extent of its footprint in the USA" and that the "mandate to talk about worldwide trade politics rests exclusively with the relevant political institutions", the company said in a statement.

China also announced an array of punishments that could restrict companies' access to borrowing and state-funding support over intellectual-property theft.

During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in USA tariffs on many Chinese goods, from 10% to 25%, that had been set to take effect January 1.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.

"What if China calls tomorrow and says, "We changed our mind"?"

Trump "shared his vision of all automakers producing in the United States and creating a more friendly business environment", the White House said in a statement.

While Mr Trump said talks with China and the 90-day truce period had already started, China did not clarify when the 90-day period was supposed to begin.

Stocks, which temporarily rallied on Monday after Trump's tweets, fell once more after the White House and China walked back his enthusiasm.

Ahead of the statement from China, President Trump sounded optimistic, but reiterated his tough stance.

Trump didn't help when he tweeted 'I am a tariff man, ' which investors saw a sign a deal may not happen.

Beijing's decision to keep things vague, for now, may reflect a desire to avoid being seen as having capitulated under pressure - the sides have 90 days to reach a deal - or may be a hedge against Trump's unpredictability, analysts said.

The Ministry of Commerce statement described the meeting with the U.S.as "very successful" and said China is "confident" of implementing the results agreed upon at the talks, but didn't provide any further details on the outcome.

"Although we do not see Qualcomm approaching NXP again in the short-term, we believe the statement is a positive for M&A activity, especially in the tech space", Zhang wrote.

Tariffs have proven taxing on many companies, especially those with global supply chains and suppliers in China.

USA soybean futures rose to their highest level since at least August, part of a broader commodities rally. "We don't have a specific agreement on that", he said. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

All three sets of tariffs have been imposed pursuant to the U.S. Administration's determination in March under Section 301 of the Trade Act of 1974 ("Section 301") that China's technology transfer and intellectual property ("IP") policies are harming U.S. companies.

Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer and White House economic adviser Larry Kudlow were among those holding meetings with Daimler AG, BMW AG and Volkswagen AG executives.

Many economists have expressed scepticism that very much could be achieved to bridge the vast disagreements between the two countries in just 90 days.