The announcement on Wednesday followed a period of relative quiet from Beijing after Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, reached a temporary truce in the trade war between the world's two largest economies over the weekend.
The reality is far more unsettling, especially for China.
The Commerce Department has circulated draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 percent on imported cars and parts on national security grounds, Reuters reported in November. The slew of Trump tweets prompted markets to fall as investors lost faith in a detente between the two nations. Due to which it was getting hard for companies like Ford, BMW, and Tesla to sell their products in China's market.
The two leaders, who met on the sidelines of a Group of 20 summit in Argentina, also chose to hold off on new tariffs and give negotiators three months to strike an agreement.
Negotiators will actually have fewer than 90 days to reach a deal because of holidays in the two countries over the next three months, the Chinese Ambassador to the US Cui Tiankai, told reporters on Monday.
Hours later, Bloomberg News reported that officials have begun preparing to restart imports of USA soybeans and liquefied natural gas - the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some US products "immediately".
In exchange, the US wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and forced technology transfer.
The G20 produced some major developments on the trade war front, with the US and China agreeing to a 90-day truce while a deal is negotiated.
"It's an incredible deal".
"China right now has major trade barriers-they're major tariffs-and also major non-tariff barriers, which are brutal".
Meanwhile, the news of the truce was welcomed by automotive industry leaders.
Questions began to swirl after China's foreign minister read a statement Saturday in Buenos Aires that said Washington agreed to halt tariff hikes. But he added, "if that's real" - raising some doubt - it would close the USA trade deficit with China, and 'we have to have a negotiated agreement and have this on paper'. Traders also were also digesting the news that Qatar will withdraw from OPEC in January. Daimler CEO Dieter Zetsche will be in attendance as well, Daimler said.
Peter Navarro, the president's top trade adviser, expressed confidence in the president's trade strategy.
"Tariffs are taxes on American families", Sasse wrote. "But it is not a ceasefire as some already are touting".
Trump has long accused China of unfair trade practices that hurt Americans and the US economy.
"Neither side got their maximum demands and it's not the first time in U.S".
The president's optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble. At the start of the dinner, Trump struck an optimistic note.
But earlier this week, Mr Trump said Beijing must pay for the "privilege" to trade with Washington. The latest Trump-Xi agreement does not reduce or eliminate the current 10 percent duty, and the White House press release states that the increase to 25 percent "will" take place absent an agreement within the 90-day period.
BMW said in its statement that it plans to invest $600 million more at its Spartanburg plant in SC through 2021 for future generations of the BMW X models and will create 1,000 more jobs by 2021.