Trump is under pressure from American businesses to resolve the trade fight. In September, U.S. companies in China said they were already hurting from the initial $50 billion worth of tariffs, according to a joint survey from the American Chamber of Commerce China and the American Chamber of Commerce Shanghai.
Complaints from American corporations as well as the Republican Party's losses in the midterm elections may be adding pressure on Trump to ease tensions, said David Adelman, former U.S. ambassador to Singapore and adjunct professor at the New York University. "The President seems eager for a deal," he said.
While news of a trade cease-fire was welcomed by the international community, skepticism remains as to whether Washington and Beijing can ultimately reach a solution that leads to a rollback of current tariffs.
"The results of the discussions in Buenos Aires are positive, but contrary to President Trump's enthusiastic comments, did not result in a breakthrough," said Adelman.
Beyond the trade front, Beijing will also more vigorously prosecute fentanyl smugglers, the White House statement said. Fentanyl — a synthetic opioid that is 50 times more addictive than heroin — has been linked to thousands of overdose deaths in the United States. China is one of the world's top producers of ingredients used to manufacture fentanyl, according to the U.S. Department of Justice.
The White House referred to China's new stance on fentanyl as a "wonderful humanitarian gesture."