The president met with Chinese President Xi Jinping for dinner on Saturday during the G-20 summit in Argentina and agreed to suspend the proposed tariffs in exchange for China's agreement to purchase unspecified amounts of agricultural products from the United States.
"President Xi and I have a very strong and personal relationship".
Tensions between the United States and China rose in May when the USA administration said it would levy extra taxes on $50 billion worth of Chinese goods, bringing that figure up to $250 billion over the next few months. China also agreed to boost its purchases of agricultural and industrial goods to reduce its trade imbalance with the US, she said.
In addition, the U.S. said China agreed to "purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the United States".
One of China's major concerns is USA interference in areas it considers "internal" matters.
Trump appeared to be unaware of the significance of his words on Monday, tweeting: 'My meeting in Argentina with President Xi of China was an extraordinary one. "But I will just tell you, as an involved participant, we expect those tariffs to go to zero".
"We absolutely need something concrete over these 90 days", Mnuchin added. Fentanyl is a synthetic opioid primarily produced in China that has caused thousands of deaths in North America in recent years.
Caterpillar, Ford and other USA corporate giants have complained that the higher Trump tariffs, if kept in place, would guarantee higher costs and lower profits.
'Both parties agree that they will endeavour to have this transaction completed within the next 90 days, ' the newspaper said, invoking a deadline that only the U.S. side had mentioned on Saturday.
However, he has faced fierce criticism from USA business groups, as the tariffs lead to reduced exports of crops such as soybeans, while raising costs for businesses that rely on Chinese imports. Level the field!' he wrote.
'It is hoped that the trade teams from both countries will reach as many practical agreements as possible and as quickly as possible to hasten China-US cooperation, ' the daily said.
The US trade deficit with China was $335 billion previous year and many manufacturers rely on inputs from the world's number two economy, so eliminating the deficit would be an extraordinary goal.
Asian markets rose after the presidents of China and the U.S. reached a temporary truce in their trade war.
Financial markets surged on the news of the ceasefire, with the benchmark Dow Jones Industrial Average up 1.2 percent, more than 300 points, about 30 minutes after the open, relieved that some of the immediate threat of further damage was averted. However, if this does not happen, the 10 percent tariffs will be raised to 25 percent.
"As far as we can tell, there are big discrepancies between both sides' statements", he said in a research note. While the U.S. and China have agreed to negotiate, China appears unlikely to fundamentally alter its policies, and it is unclear whether Trump will be satisfied with a deal that falls considerably short of his demands.